Ready for homeownership
Buying a home at any age comes with risk, doubt, financial considerations and lots of preparation. At the end of the process though is a feeling of contentment (provided you take the necessary precautions to avoid buyer’s remorse), happiness and owning a piece of the American Dream.

But how young is too young? Are you one of the 20 million American’s that make up the millennial generation, the second-largest generation of buyers entering the housing market? If so, you have many things to consider if owning a home is in your future.

Here are a few things to consider to help determine if you should buy a home:

•    Remember that question you heard in your job interviews, “Where do you see yourself in 5 to 10 years?” You must ask yourself this same question if you’re thinking about buying a home. If you buy a home too early in your life plan, and ultimately have to sell in just a few years or even less, you will not have built up enough equity to make a profit on the sale.

If your job comes with the likelihood you will need to transfer to another location, even one an hour away, the purchase of a home may not be the smart choice. You don’t want to have to trade your free time for a commute because you bought a house.


•    It shouldn’t come as a surprise that a home costs more than the listing price. Are you financially ready to own a home? If your student loans have you deep in debt, and you are paying on credit cards, your credit score may on the lower side. Your credit score is a determining factor in your mortgage rate, so it’s important to learn what you can expect.

•    How much free time do you have? Owning a home can be one of life’s biggest rewards, but it also comes with the need for repairs, maintenance, yard work, and a variety of other things that will require your time. If you are still in school, holding down a full-time job, and maybe even starting a family, it’s possible that renting could be a better choice for you simply because of the things that are your landlord’s responsibility and not yours.

After taking into consideration these items, you should be better able to decide if you’re ready for homeownership.
 
If buying a home is in your future, be sure to check out these major mistakes buyers make in a seller’s market so you can avoid them!