Are you ready to buy a new home?

Buying a home is a big step, and an exciting one! You should be sure you are ready and aren’t just buying because it’s what you are expected to do, or it’s the “next” step. It is important to buy a home for the right reasons, of which there are many! But it’s important that purchasing a home is a positive thing, not a negative one, and so it is important to make sure that you are ready for it when the time comes.

However, there are a few boxes to check before you can know if you are ready to take it.

Below are a few of the more important ones to consider before you’ll know if you’re ready to buy a home.

1. Do you feel ready?

Buying a home is not just a financial decision, it is also an emotional one. As the owner of the roof over your head, you will feel a new sense of pride, accomplishment and success. You can kiss goodbye to the days of paying someone else’s rent and discover the new found freedom of hanging pictures as you wish, renovating, and really creating a space that feels like a home and not just a house.

2. What shape is your financial house in?

Your finances are ultimately the deciding factor in what is actually possible to buy and is a very important aspect to take into consideration when buying a home.
If you’ve already implemented our 10 money saving tips then you should be in a good financial position to start looking to buy.
If you are fairly secure now and certain that you will continue to have a steady income, it is a good idea to buy a home. Being a stable home buyer, you’ll be able to pay your mortgage and build equity. It will also prevent you from throwing away money on rent.

3. What is your market doing?

New Zealand has grown a lot over the years, but the kiwi dream is still very much so alive and well Economists may talk about real estate in national terms, but the market varies greatly from one city to the next, even from one neighbourhood to the next. You need to establish where you want to buy and live, and work out the local market is doing. Research into the trends of your future home, will equip you to make an educated, responsible decision and allow you to buy smarter. It is also worth checking out the peripheral regions, and what future trends might be.

4. Do you know why you want to buy a home?

We touched on this earlier, but it really is important to make sure your “why” is solid enough to ensure you’re looking to buy for the right reasons. If you want the freedom of making decisions with your property, if you are looking for a secure investment, or if you are wanting to put down roots, then becoming a home owner is a responsible choice and buying your own home opens up that world for you. If you are thinking about buying a home because you feel you “should”, perhaps it is worth holding off for a little bit longer and coming back to the idea when you have a clearer idea of your “why”.

5. Where do you see yourself in 5 years?

Being a proud homer takes a bit of forward thinking as your home needs to fit into the bigger picture. In order to make the investment worth it, you need to be in a relatively stable position. So, if you’re not planning on going anywhere, and don’t see yourself transferring for work or travelling, then there really is no time like the present to begin looking at putting down roots. Then the question begs, how can you make sure your new home fits your current or future lifestyle? The things to look at are the neighbourhood culture, opportunities to do more of what you enjoy, and if you’re looking to have kids, the local schools that you might send your children to.
Owning your own home gives you a set neighbourhood, schools and community that you can call your own and ultimately, these should complement your big picture.

A home can not only provide security and a sense of accomplishment, it can also set you up for financial success.If you can answer most of these questions positively, then you’re probably ready to buy and begin your journey as a homeowner.

Now that you’re ready to buy, we suggest reading our post on how to make your home buying experience easier.