Am I Ready to Buy a Home?

If you dream about owning your first home, you're not alone. The thought of plenty of space, room to plant flowers and the ability to park your car in your own garage is alluring. But, how do you know when you're ready to take the plunge?

Home Maintenance Takes Time
With home-ownership, comes home maintenance. Do you have time in your schedule to do routine maintenance on your new home? The lawn will need to be mowed. The snow will need to be shoveled. And the weeds will never go away without consistent attention. The time consuming chore of yard care can surprise a new homeowner.

Every new home owner worries about the day they will wake up with no heat or hot water. If your furnace or hot water heater breaks, are you prepared to replace it quickly? Many new home owners prepare for sudden large expenses by getting a homeowners warranty on their new purchase, so large repairs can be taken care of with a deductible and a phone call.

Are you Ready for More Bills?
Apartment dwellers have less bills than a home owner. With a new home also comes new expenses such as paying for your own water, sewer usage and garbage pick-up to name a few. When shopping for your first home, ask your relator to get an estimate of the home's utility costs. Can you budget for a few more expenses? If so, you may be ready for your first home.

Along with increased monthly expenses, comes a few yearly expenses. As a home owner, you will now be responsible for home owner's insurance and real estate taxes. Before purchasing your first home, get an estimate of these costs. Will they fit into your budget?

More Space Can Be Good and Bad
Buying a home, usually means an increase in living space. Having extra room can be great, until it is time to clean. Do you have time to clean more room? Will you begin to fill the space until it is cluttered? Have a plan for your new space, and don't get cluttered. How many homeowners do you know that talk about how much they need to clean out their basement or attic? Don't allow yourself to become the dumping ground for your families extras.

Talk to Friends and Family
Take some time to talk to friends and family who have already taken the plunge. Ask them what they enjoy about being a home owner. Find out what they don't like about being a homeowner. By doing a little research, and talking to current home owners, you will finally realize if you are ready or not for your first home.