Am I Ready to Buy a Home?
The decision to purchase a home is a highly personal one, based on both tangible and intangible factors.
Beyond your personal situation — local market conditions, financing costs, and future expectations must also be evaluated. The following list of questions can help you decide if you are ready to move forward with a home purchase.
- If you purchase a home, how long do you expect to live there?
- What can you afford to pay each month for housing related expenses?
- What are the total costs of home ownership? (including mortgage, taxes, insurance, utilities, maintenance, other special fees.)
- Do you expect these housing related expenses to increase or decrease? (changes in interest rates may be a bigger factor than others)
- What additional expenses are required to complete a purchase? (closing costs, moving expenses, etc.)
- How much will your home ownership costs decline after adjusting for interest expense deductions and property taxes (if applicable)?
- Are local market prices favorable to purchase? What are your expectations on future prices?
- If you are now a renter, what are your total housing expenses? (monthly rent, utilities, housing assessment, parking, etc.)
- How does renting vs. buying factor into your long-term investment goals?
- What are your expectations concerning future employment?
- What are your long-term personal and financial goals, with regard to housing?
Are you ready to purchase? If so, please be sure to contact Roxann Bohstedt for all of your Real Estate needs! Roxann specializes in the Metro East Illinois area, including O’Fallon, Belleville, Shiloh, Swansea, Fairview Heights and Scott AFB!