Signs That You Are Ready to Buy a Property
Have you always dreamed about buying your own piece of property? Investing in real estate is not always the right decision for everyone, and it’s important to get the timing right. But if you think it’s finally time to snatch up that commercial, residential or recreational property you’ve had your eye on, here are a few signs you’re finally ready to make the leap.
Your Credit Score Looks Good
You’ll only be able to take advantage of great interest rates if you have a good credit score. If you haven’t taken a look at your credit score in a while, it’s time to do so. You can request your credit report for free every year. While you’re looking at your score, take some time to review the rest of your report as well to make sure everything looks accurate and there’s no sign of fraud. If your credit score is in good shape (at least 620 or higher), you’re probably ready to buy a property.
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You’ve Already Crunched the Numbers
Before buying a property, you need to make sure you can really afford it. That means you need to consider all the costs of property ownership, including property taxes, insurance, HOA fees, mortgage (if you’re buying a home) and any other expenses associated with the property. If you can cover all of these expenses and any other property-related expenses that might come up, then you’re in good shape to purchase a property.
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You’ve Minimized or Eliminated Debt
The last thing you want to do is make a big property purchase when you’re already swimming in debt. If you have credit cards, car loans and other forms of debt, it’s wise to minimize them or eliminate them completely before you invest in a property.
Make Sure Your Employment Is Secure
If you’ve been worried about your employment and potentially losing your job, now may not be the right time to invest in property. But if your job is pretty secure and you’re confident in your ability to find more employment if you are let go, you’re in good shape.
You’ve Saved Money for a Down Payment
To reduce your monthly payments as well as the amount of interest you’ll pay over the life of your loan, it’s always a good idea to save up money for a down payment. I like to save at least 20% of the property cost, if possible. If you can’t do that, just do your best to save up as much money as you can up-front. Most conventional loans require a down payment of at least 3%. Check with your bank about down payment requirements so you know exactly how much you’ll need to save up.
You’re Emotionally and Physically Ready to Move
If you’re buying a property to build a home on, assess your readiness to pack up your life and move. You’ll have an easier time doing this if the property is across town, but if you’re looking at property in another state, it will probably be more challenging to relocate. Seriously consider everything involved with moving somewhere else and make sure you’re financially, emotionally and physically prepared to take that step in your life. Talk with your family members about your decision so your move doesn’t come as a huge surprise.
If you’re still working, make sure you can find employment at your new living destination. Will you need to find a new job, or is your current job something you can do from any location?
If you can check all of these things off your list, you’re probably ready to make the leap and purchase a property. Congratulations on your decision to buy an asset that will likely hold its value for years to come.
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