So you want to buy a home and you want to buy it in The Woodlands, TX. Great choice! The Woodlands, TX is a favorite spot for many people for many reasons. Here in The Woodlands, TX we have good schools, fun entertainment opportunities, many local shops and businesses, and a strong sense of community. Still, if you have not owned a home before, you might be asking yourself if you’re truly ready to own. Ask yourself these questions in order to determine if you are indeed ready to buy a The Woodlands, TX home:
Am I ready to stay put for a while?
A home in The Woodlands, TX or anywhere is a big investment. You don’t want to buy one if you can’t stick around long enough to see that investment pay off. Unless you are knowledgeable about flipping houses or being a landlord, only buy a home if you’re certain you’ll stay in it for the next five years.
Is my life relatively stable?
Of course you can’t predict the future, but you want to buy a house when you know your life is pretty stable. Not only do you want to stay in the same area for the next few years, you also want to know you’ll be making enough money and have the same housing needs. Is your job steady, or are people being laid off? Is your marriage going well, or on the rocks? Do you plan on going back to school in the near future, or having kids? All of these questions will factor into if you should buy a home, and if so, what type.
Can I afford the house I want?
Think about what type of house meets your needs. Do you need extra bedrooms for future children? A big yard for the dogs? Now, taking into account your current income, calculate how much you can afford in mortgage payments each month. Do not forget about repair and maintenance costs as well as property taxes. If what you can afford will get you a condo when what you want is a large single-family home, it’s probably not the best time to buy.
Do I have decent credit?
Perfect credit is not necessary to qualify for a mortgage and buy a The Woodlands, TX home. That said, if you’ve defaulted on a loan, have something in collections, or have a very low credit score for other reasons, you need to take care of your credit the best you can before going home shopping.
Hopefully these questions help you determine if now is the best time for you to buy your first The Woodlands, TX home. If you have further questions, or need help finding the perfect home for you, do not hesitate to contact me.