Have you been thinking of buying your own house and getting out of your monthly rent? Well, we’re here to provide you several factors that you should consider as to when you’re going to buy a house and get a first time home buyer grants Houston.
There are a few questions you’ll have to ask yourself to guide you on when you should buy a house. Here are some:
Is it better to rent or buy?
Consider your long-term goals on whether or not you will stay in your area or if you’d want more control in making and customizing a house of your own. Are you ready to invest? Also take into your current account your insurance, account taxes and maintenance or repair costs and compare them with when you are going to buy a house. After that, you will be able to determine whether it is better for you to buy a house or simply rent one.
Are you financially ready?
This is a big question. Do you have enough savings for the closing costs and down payment? Are you prepared to pay for your monthly mortgage payments? You can use a mortgage calculator to determine your monthly payment estimate and aim for a less than 28% of your current pre-tax income. Also, let’s not forget the utility and maintenance costs when owning a home. After all, your expenses don’t end when you buy a house.
What are your family’s desires and needs for housing?
Are you in need of more space for your family or yourself? Do you need a garage, an outdoor space or a year? Consider the home features that are important to you and the ones that will be good for your current situation.
Are you satisfied with where you are currently living in?
Do you like your current neighborhood or do you want a new school district or a neighborhood? Do you want to stay in a place that’s closer to where you are working? You may want to live in an established neighborhood where you and your neighbor are meters apart. Consider the location where you want your house to be in.
Are the market conditions and interest rates favorable?
Change is the only constant in this world which includes market conditions and interest rates. After all, no one can predict the future. We can only forecast what may or may not happen. Check if you can afford the current interest rates and see if it is a buyer’s or seller’s market.
Does the time of the year or the season affect when is it a good time to buy?
Lastly, depending on the season, it’s either you have a busy home-buying season, or you don’t. There are pros and cons to buying your home when the market is slow or busy. You might have a lot of choices during the busy season while you might compete with a lesser number of buyers during the slow season. It’s your choice which time you want to buy your house.