Have you been dreaming about owning a home of your own? Buying a home for the first time is an exciting and scary experience for many people, but it will be an easy process if you have an experienced Atlanta real estate agent by your side.
If you are thinking about buying your first home, then you should consider these things to know if you are ready:
Do you have a reliable source of income, and you know that you will always bring in the same amount of money each month? A reliable income source is essential to be sure that you will have the money that is needed to pay the mortgage on an ongoing basis. If you haven’t been able to maintain a consistent income or your company isn’t doing well right now, then you might consider waiting for a little while before you take the plunge into home ownership.
Emergency Savings Account
In addition to a steady income, it is also a good idea to be sure that you have money saved up in case of emergencies. Generally, the idea should be to have an emergency fund of three to six months of living expenses, and these funds can be used to pay your mortgage if needed. Sometimes, the emergency fund might be needed for unexpected repairs or home maintenance costs, allowing you a safety net to take care of the repairs and still keep up with the mortgage payments at the same time.
How Much Can You Afford?
There might be big beautiful homes that you are dreaming about, but you should be careful about committing to a property that is beyond your budget. Getting into a new home that is a little more than you can afford is a recipe for disaster, because you will have the added financial stress of trying to keep up with your monthly expenses. Instead of taking too much of a risk, it is usually better to find a home that is a little cheaper so that you can comfortably meet the financial obligations of home ownership.
Needs of Your Family
When you are choosing a home to buy, think about the needs of your family over the next five to ten years. Most people want to settle into a home and stay in one place for a while, so it is a good idea to consider the way your family will grow over the next few years. If you are planning to have a few kids, then you should make sure that you have plenty of space for growth and expansion within your home.
It is an exciting time to buy your first home, and our team at Duffy Realty of Atlanta is here to help you through the process! If you are in the market to buy a home, then we invite you to contact us right away and we will assist with your home search: (678) 318-1700