Is There Ever a Right Time to Purchase Your First Home? – Part 1
There are many market predictions, however if you want to buy your first home—there is no wrong time. The motivation to buy is not determined by regional market conditions or by location. Industry opinions and investor speculation can not predict when a particular individual will be ready to buy. For the great majority of folks, the most compelling reasons to buy a home are based on individual circumstances and personal needs.
- Family needs and desires for children/parents/in-laws/couples
- Convenience to home, work, school, social activities
- Sense of achievement or fulfillment
- Freedom and independence
Even though there are many changes in the market, both up and down—people still need and want to buy homes. This desire to buy a home is deeply rooted in the fabric of our consciousness. The value of homeownership gives far more satisfaction than ROI calculators can quantify.
Today, there are many different loan programs with flexible terms to fit all buyers. There are city and county down-payment assistance programs to assist in buying a home. For future buyers with blemished credit, there are debt reduction and counseling programs to help gain a fresh start.
How do you make the leap to become a homeowner? First, determine that you want to buy a home. Get your finances in order. Determine your financial situation and check your credit to determine where you fall as a borrower. Look at all of your available assets for your down payment and examine all of the finance options available to you. If you have some credit blemishes, take the time to make timely payments to your creditors to present the best financial picture. Make sure that you have a track record of stability in your employment history. Postpone any major purchases. Your actual home purchase may still be 12-18 months down the road, but you can still prepare for it now. How? Come back tomorrow for our top tips on how you can prepare now for later!