This article was published on November 26th, 2018
Whether you feel like you should invest in a property for sale in Qatar or another country, or even buy a house that you would like to reside in at the moment, purchasing a home is a very fulfilling experience. So, are you ready to stop renting and own your first home? While renting is a valid option and can even be a long term one, many are settling down and buying property. Are you one of them? Here are signs that can help tell you if you’re ready for that.
1. You’ve saved enough money for the down payment:
While there are a number of costs that come along with buying a house, the biggest one if the down payment, which will also play a major part when calculating your payments. If you have saved enough for a down payment, then you are well on your way!
2. You have a 6-month reserve fund:
The unexpected costs of homeownership are plenty, and, with unexpected life happenings, you should ensure that you have a good amount saved up to fall back on. This does not necessarily have to be a full overflowing fund, but it should be enough to cover you for six month, in case of anything unplanned
3. You can predict your household income for the next few years:
One of the most important things to consider is how much money the household will be bringing in for the next two years. Of course, this will not be an accurate amount, but it is better to have a general idea of how your income will look like for the next few years; this is a major part of the financial planning that comes with homeownership.
4. You have a steady job:
While this is something that we can rarely be very certain of, it helps to know that you have secure and steady employment. Not only will this help with your financial approval, but will also five you peace of mind when committing yourself to something as big as a house.
5. You have children, or are planning for them:
Families with children are more likely to move into a home they own, not only so they can settle down, but also, to help secure their children’s future as well. Of course, this does not apply to all, but it’s just an extra push to become a homeowner.
6. You are tired of renting:
Have you ever really calculated how much rent you’re paying, that can actually go into something you own? If you have, then you are probably getting tired of renting, especially when you see how much money you are actually spending! You will reach a point in time where you know that buying just makes more sense for you than continuing to rent a property.
7. You can afford repairs:
Whether as an investment or a home for your family, repairs are something that you will be required to make as a homeowner. Can you afford to make them? When something breaks, are you able to fix it? If a room needs painting, can you do that? Have you calculated how much it would cost to make continuous repairs? If you’ve answered yes, then that is certainly a good sign!