How do you really know you are ready to buy a home? Like anything significant, there are a few key questions to answer when asking yourself this.
1) The number one questions is "Am I financially stable enough to afford a home?".
It is important that you have a reliable stream on income so that even when your income amount varies, you won't be at risk of not being able to make a mortgage payment.
2) Have you got a stable income with savings put away to put down a deposit?
It doesn't have to be a 20% deposit but this will normally get you the best deals from mortgages. Apart from the deposit and mortgage repayments ,you also have to consider the maintenance costs of owning a home. You will have property tax as well as renovations or repairs you will need to do on your home. For example,if you need to replace the water heater you are going to want that done sooner rather then later.
3) Lastly, this question is more personal. You need to take a in-depth look and decide if this is something you want do? Are you buying a home because family and friends have homes and you feel pressure to do so? Or are you picturing yourself re-decorating a home, gardening in your big yard? If you chose the latter , then it sounds like you are picturing yourself in your new home and not just a house.
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