should<\/em>. If you\u2019re wondering if now is the right time for you, here are some tell-tale signs that shows you\u2019re ready to jump into homeownership.<\/p>\n\n\n\nYour finances are in order<\/h2>\n\n\n\n
Owning a home requires a lot of financial responsibility. Not only do you need to pay the mortgage each month, but you\u2019ll also need to cover property taxes, insurance, homeowner\u2019s association dues, home maintenance, and more.<\/p>\n\n\n\n
While you don\u2019t have to wait until you\u2019re completely debt-free before buying, having little to no debt is favorable because it increases your available cash flow to cover the expenses of owning a home. Be sure you can easily handle your debt load and make efforts to pay off your debt as soon as possible.<\/p>\n\n\n\n
Another factor to consider is your credit score. This three-digit number will determine whether or not you\u2019ll qualify for financing and the interest rate of your loans (which can mean lower mortgage payments!). Make sure your credit score is its best before applying for loans.<\/p>\n\n\n\n
You\u2019re a solid renter<\/h2>\n\n\n\n
One of the best predictors of homeownership success is a good performance as a renter. If you haven\u2019t had any problems paying your rent and utilities bills on time, chances are you\u2019ll be able to manage your mortgage payment.<\/p>\n\n\n\n
You\u2019re ready to settle down<\/h2>\n\n\n\n
Another sign you\u2019re ready to buy is that you\u2019re ready to settle down for the foreseeable future \u2013 or at least the next five years. If you see yourself staying in the same area for your career or to start a family, buying a home could be the right decision for you.<\/p>\n\n\n\n
You\u2019re tired of renting<\/h2>\n\n\n\n
Renting can be exhausting; its rare when you find a space you can stay for several years. Most renters find themselves moving fairly frequently. As a renter, you\u2019re also at the mercy of your landlord; if they decide to sell the property, you\u2019re stuck looking for a new home.<\/p>\n\n\n\n
You may be tired of paying increased rents, dealing with noisy neighbors or unresponsive landlords, or simply want more control over how your home looks. These are signs it may be time to consider homeownership.<\/p>\n\n\n\n
You\u2019re prepared to maintain a home<\/h2>\n\n\n\n
As a renter, the repairs are handled by someone else. But as the homeowner, you\u2019ll be responsible for everything. Are you willing and able to handle home maintenance issues as they come up? Or can you afford paying someone else to make these repairs?<\/p>\n\n\n\n
If these signs apply to you, then you may be ready to buy your first home! Take your time researching your market, meet with a real estate agent to guide you through the process, and start the search for your new home.<\/p>\n\n\n\n
At Lexington Homes, we have new construction homes available for sale in the most desirable neighborhoods in Chicagoland<\/a>. Get in touch when you\u2019re ready to find your dream home.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cHow do I know if I\u2019m ready to buy a…<\/p>\n","protected":false},"author":1,"featured_media":1452,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[296,116,117],"_links":{"self":[{"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/posts\/1476"}],"collection":[{"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/comments?post=1476"}],"version-history":[{"count":1,"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/posts\/1476\/revisions"}],"predecessor-version":[{"id":1477,"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/posts\/1476\/revisions\/1477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/media\/1452"}],"wp:attachment":[{"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/media?parent=1476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/categories?post=1476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lexingtonchicago.com\/about\/blog\/wp-json\/wp\/v2\/tags?post=1476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}