Buying your first home in Charlotte
Do you have the characteristics needed to be a successful homeowner?
It seems strange to imagine that you need special characteristics to be a good homeowner, but there are some important things to keep in mind when taking the plunge into owning.
Characteristic 1: You understand the market
Have you researched the market? Do you have realistic expectations of what you can afford? Doing your homework is important in any investment. Determine where you want to live and the going prices for the size of the home you want. If you cannot find something within your budget, you may need to be flexible about your dream home.
Characteristic 2: You have some savings
Ideally, you have enough in savings to pay two to three months of mortgage payments. This is known as a reserve and mortgage lenders love people who have the financial wisdom to prepare for the unexpected. Lenders will determine you are a minimal risk and will be more willing to loan you money when it is clear you will have some savings left over after buying your house.
Characteristic 3: You are prepared for home maintenance
There is no doubt about it – you have to do upkeep on a home if you want to maintain or even increase the value of your property. There are windows to wash, lawns to mow, and many minor repairs along the way. Some folks love the challenge of this; others hate it. If you hate it, perhaps a professionally maintained condo is a better choice for you.
Characteristic 4: Your last two years of employment have been stable
One thing that lenders demand is a history of stable employment. Ideally, you should have at least two years of employment at the same company or no less than two years in the same field.
Characteristic 5: You plan to stay in the area
If you are uncertain that you want to stay in a neighborhood or city for more than a few years, then maybe you should wait. If you buy a home and then have to sell in a hurry, you could end up losing money on what should be a great investment.
Overall, home ownership is still a great financial and emotional investment, but you want to make sure you have the basic characteristics of a successful homeowner! Call Fairway today and we will be happy to talk to you about your future plans and buying your first home.