I am here today to tell you three signs that you are ready to be one of the 50% of national homeowners who are under the age of 36.
1 ) You've got around 20% of the down payment plus six months to 12 months of monthly living costs saved. You probably can’t afford a home if you don’t have the encouraged down payment and some reserves.
2) You are tired of spending money on rent. Maybe you don’t have the money to put down right now, but you are tired of spending your money on rent. This can be an excellent motivator to make a financial plan to save that money. Rent will continue to rise, but the majority of your monthly housing costs will be fixed so you can save money in the long run.
"Rent will continue to rise, but the majority of your monthly housing costs will be fixed so you can save money in the long run."
3) Major life decisions are happening. Maybe you're thinking about getting married, having a child, or growing your family. All of these decisions usually go hand-in-hand with buying a home. Prepare yourself when making these decisions by saving as often as possible.
Downsizing can also encourage home purchasing. People buy a home oftentimes when their families get smaller—children leave or couples divorce.
No matter what your motivation may be, buying a home is a major decision. If you can plan the next three to five years and you have the assets at hand, you should consider investing in a home. If you do, you can become one of the many millionaires whose wealth is made through home equity. In America, more millionaires are made this way than any other way.
If you have any specific questions about planning for buying a home, please feel free to call or email me. I look forward to speaking with you.