The right time to buy a home really depends on you. Nowadays, millennials are typically waiting much longer to become homeowners than their parents and grandparents did. However, just because some people are waiting while others are ready to take the plunge into homeownership, doesn’t mean that you have to. In order to determine when the right time to buy a home is, you have to take a fine-toothed comb through your situation.

Have you saved for the 20% down payment?

When you use a conventional loan to buy a house, which is the most common choice, it is strongly recommended that you pay at 20% of the home’s value as the down payment. In doing so you avoid having to pay for Mortgage Insurance, which is an additional fee added on by your lender to protect themselves. Also, by paying the 20% you increase your chances of getting the best mortgage rate out there. Needless to say, saving up pays off at the end of the day.

Do you know where you want to live?

Knowing what city or state you want to live in is one thing, but knowing the neighborhood is a whole new complex issue. You will want to learn as much as you can about the city you want to live in, but learning specifically about the area you want to live in is even more important. This is especially important if you want this home to be your forever-home or you are planning on being there for a long time.

Do you have a secure career?

Having a steady job is not only going to make you feel more confident in buying a home, but it will also be easier to get pre-approved. Buying a home entails a lot more than putting down a down payment and paying a mortgage. So, having that steady income will help with all the fees and surprises that come along with homeownership.

If you can answer all these questions with a respectable level of certainty, then you are, definitelyin good standings to buy a house. Still, there are more steps you need to take to get the home of your dreams. The first good step to take is to get a trusted Realtor on your side to help guide you through the process. Luckily for you, we have several of the most experienced and trusted agents in Polk County. You can find them all here.