When you buy a home you will be making a huge investment. For many, it will be the biggest investment they will ever make in their lives. So the question is, how do you know if you are ready to be a home buyer? Here are four traits that will make you a good home buyer.
Trait #1 - You are Able to Conform to the Current Market
Are you the type of person who will complain about the price of every home you see? If so, you are not ready to be a home buyer. Good home buyers know how to conform to the marketplace. They take the time to do research and they keep their expectations in check.
Trait #2 - You have Enough Savings to Cover 3 Months of a Mortgage Payment
Every mortgage lender wants their buyer to have at least 3 months of savings in place. You should not spend all the money you have just to purchase a new home. That is not a financially sound decision. You should always have some sort of emergency fund in place.
Trait #3 - You Have the Resources to Maintain the Home
This is one of the main reasons you should not spend all you have just to get into a new home. You may be able to get the home, but will you be able to maintain it?
There are certain things you must do to keep your home looking good. Some of them include having the lawn cut, replacing filters and other minor repairs that tend to pop up every now and again. You want to make sure you can take care of these things when they pop up.
Trait #4 - You have been Working for at Least Two Years
A good home buyer will have at least two consistent years of employment. Ideally, this would be with the same employer. Lenders want to know you have a stable employment history before they will loan you any money.
If you have all four of these traits, you may be ready to buy a home. If not, you may need to work on a few of them before you start searching.
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