There’s No Place Like Home, There’s No Place Like Home, There’s No Place Like Home

        You have been renting for years and everyone keeps saying that you should take the plunge and put down some roots.  But, are you really ready to buy a home?  Despite what everyone is telling you, only you are qualified to determine if buying a home is really in the cards for you.  You need to ask yourself several questions to figure out if you are really ready to dive in and make one of the biggest purchases of your life.  First you need to consider if you can really afford a home.  Not just the price of the home but all the additional expenses associated with home ownership, like taxes, maintenance, HOA fees, home insurance, etc.  Next, you will have to determine how much a down payment you can afford.  Most mortgage companies require a minimum down payment of 3.5% and another 3% of the purchase price for closing costs.  Do you have enough money saved to cover that?  What about your credit score?  Your FICO score will need to be above 620, or you may have a tough time getting approved for a mortgage.  You may need to consider taking some time to improve your credit score before even considering buying a home. 

       Besides the numbers and the money there are a few things you need to consider.  Will owning a home really fit into your lifestyle?   Most homeowners stay in one house for at least 3 to 5 years.  The minimum time needed before selling your house is determined by how much the property has gone up in price and the amount of equity in the house.  Homes require some weekly and monthly maintenance. So be ready to buy a do it yourself, DIY, book to help you learn how to do some home repairs or landscaping.  The costs of weekly maintenance along with home repairs will need some financial planning. So, take a look at your lifestyle and financial health and make the best decision for you.  There’s no place like home, but only you can decide if you should rent or buy that home.