5 Signs That You Are Ready to Own a South Tampa Waterfront Home
If you are tired of renting
and think that you are ready to buy a home for sale in South Tampa, you’ve made
a great decision! The question is, how will you know if you are ready to buy a
home and make one of the biggest investments in your life?
Real estate experts say that
if you plan to stay in your home long enough to build equity (5 years at
least), that is one sign you are ready to buy a home.
Here are some other signs
that you are ready to become a homeowner:
1. You can adapt to the
market.
If you find yourself
complaining about how overpriced the homes are, then you are not yet ready to
adapt to the current market. A buyer who is ready and serious about buying a
South Tampa home for sale should research the market and set realistic expectations
about home prices based on current market conditions.
2. You have enough savings.
Mortgage lenders prefer
homebuyers who have sufficient savings and an emergency fund that will cover at
least three months of their mortgage payments. It is not a sound financial
decision to spend your entire savings to purchase your dream home.
3. You have the resources
and time to maintain a home
One of the reasons why
mortgage lenders do not recommend spending all your savings to pay for your new
South Tampa home is because you may need money for repair and maintenance.
Owning a house requires you to mow the lawn, wash the windows, and make minor
repairs occasionally. You have to attend to these repairs as soon as they arise
to avoid major repairs which could be more expensive.
4. You have been with your
current employment for at least 2 years.
Mortgage lenders would like
to see that you have a stable employment history before you can borrow money
from them. Ideally, you should have at least two years of employment at the
same company.
5. You plan to stay in the
home for at least 5 years.
If you do not have any plan
of staying in the home for at least 5 years, then it is not a good idea to buy
a South Tampa home for sale. Although some buyers who relocate rent out their
home, it is not a wise decision because of the difficulty in managing long
distance rental property. You won’t be able to sell the home if you have not
stayed long enough to build equity which will pay off closing cost and other
costs related to selling a home.
If you answered “yes” to all
5 signs, then you are ready to become a homeowner. You can start searching for
South Tampa waterfront homes for sale at http://www.TampaTodayRealEstate.com/.
Otherwise, you need to work these things out before deciding to buy a home
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