How to KnowWhen You Are Ready to Buy a House

Owning your own home is one of the prime goals of most adults in America. However, the events of the recent mortgage crisis also taught buyers to avoid jumping into a home purchase too quickly.

Owning a house has many benefits, but it also comes with many responsibilities. Potential homebuyers should take a close look at a number of factors before making the move into home ownership.

These factors can help you decide whether to look at single-family homes or downtown Phoenix condos to suit your needs.

Financial Readiness

Before considering purchasing a home, you should do a careful review of yourfinancial condition.

You should have a steady income with a minimum amount of personal debt.

If you have outstanding debt, such as student loans, car loans or other indebtedness, try to pay it off before making your home purchase.

Check your credit score to ensure there are no unpaid bills on your record. Your credit score should reflect your ability to pay bills reliably so that lenders will offer a good interest rate.

Consider How Long You Expect To Stay

If you plan to stay in the area for at least five years, home ownership provides better financial incentives than renting.

However, the costs of financing, moving to, furnishing and decorating a new home can add up quickly.

It will take at least five years in a new home to make up for these expenses.

If you plan on staying in the area less than five years, it may be more financially savvy to continue to rent for the duration.

Willingness To Take on Maintenance

Home ownership also brings along with it the need for regular maintenance of exterior features.

The thought of constant home maintenance chores can deter individuals from making this investment.

They may not want to spend time and money on lawn care, roof maintenance and other issues.

After-Tax Cost of Ownership

Potential homebuyers should also look at additional expenses that affect the cost of home ownership.

Taxes and insurance premiums can be expensive in some areas. If you are trying to stay within a budget, consider these expenses, as well as tax benefits that will accrue from home ownership.

Lifestyle Factors

Individuals who own a home generally spend a great deal of time at home.

They may enjoy being away from crowded urban areas and want a large home for entertaining and houseguests.

However, other people enjoy the hustle and bustle of the urban scene, and tend to spend their leisure time away from home at the theater and in restaurants.

These individuals may find that a Scottsdale condo or Phoenix condo better suits their social and leisure tastes.

Real Estate Market Conditions

Another factor that can influence your ability and timing in purchasing a home is the local real estate market.

Prices can vary greatly within one area or even one city. Different types of housing can also vary in price.

The value of condominiums in many urban areas can often be much more stable than housing in outlying areas.

This trends makes Phoenix condos or Scottsdale condos worth considering for many homebuyers.

If you are looking for a condo to buy in Phoenix or Scottsdale, We Know Urban Realty will help you find the perfect place.

Their realtors are experts when it comes to urban living.

Visit the site to see what's available right now: www.weknowurban.com

Will Daly, BrokerWe Know Urban Realty, LLC

834 E Claremont Street, No 3Phoenix, AZ 85014

(480) 510-8755Email: Will@WeKnowUrban.com