Are you really READY to buy a house? Let me hear what you consider being ready to buy ...

  • April 06 2013 - Sausalito
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Answers (7)

Profile picture for RealEstateCrew
Pre-Approved 
  • April 07 2013
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Profile picture for wetdawgs
Ready to buy:

- A good steady job
- Confidence I'll live in the home for at least five and preferably ten plus years
- Knowledge of the city and neighborhoods so I know where I want to live relative to the things in the city I have to do (work, play etc)
- Financial strength to handle the unexpected expenses of home ownership
- Savings to cover a 20% down payment, closing costs and at a slush fund to cover at least 6 months living expenses.
- The desire to take on the potential headaches of home ownership

Then and only then I'd get preapproved.

  • April 07 2013
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I agree with all your reasoning and criteria for narrowing down the area for conveniences, and the financial considerations, future ongoing repairs to consider, in buying a home, but the one key aspect of being ready to buy a home, is first to get a pre approval letter, to have the knowledge about what price range you can actually afford to buy. That does not mean you need to act on it , right away, but that you have the power to act right away once you have done all your research. If you snooze, you lose.
  • April 07 2013
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Pre-approval letters give you power to act, without them you are weak, it is only a piece of paper, but it is like the game ro, sham, bo! Just do it!
  • April 07 2013
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Profile picture for wetdawgs
If one isn't financially ready to buy,  emotionally and/or situationally ready to buy, why bother to get a pre-approval letter?     We thought about home buying several years before we actually did purchase.   Why did it take so long?  Transition between graduate school and real jobs, moving, having confidence in the community and saving enough money to have the financial resilience to own the home.     Then we got pre-approved and moved forward with no hesitation.

We see dozens of posters every week who want to buy but have no savings, credit scores in the 500s etc.   They aren't ready, so they should waste their time or a lender's trying to get preapproved.  Instead, they have several steps ahead of them before being ready for pre-approval.
  • April 07 2013
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Profile picture for SoCal Engr
To WetDawgs, I'll add...

"A Plan"

Not all plans for careers, family, etc. are equally open to home ownership. Different phases in one's life also impact the advisability of home ownership.

Then again, it may be about "property" vice "home", and buying may be part of an over-arching financial plan.
  • April 07 2013
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Profile picture for wetdawgs
SoCal_Engr:   Good addition!

  • April 07 2013
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