Getting Ready to Make the Move to Homeownership

We’ve lived in our home for seven years this month. As parents, we wanted to have a home or our own to raise our family. We wanted a place our children could call their own and make memories for their childhood. Getting ready to make the move to homeownership is something that requires a lot of thought, planning, and financial consideration. It’s worth it but planning in advance can save you a lot of stress in the long run. The following are some of the most important things to be prepared for when deciding on buying a home.

Financial

The big thing we all think of when we are making the decision to buy a home is the financial side of it. We price out mortgages and down payments but, as I learned when I bought my first home in my 20’s, there are some many other things to be prepared for financially.

  • Repairs and Emergencies. Unless you are buying a brand new home with a killer home warranty (most of us aren’t that lucky) you have to be prepared for repairs. Not just little repairs either. In the first three months of this year, we had pipes burst, wall collapse and roof leak that needed to be replaced. While there was no way we could be ready for those back to back financial hits, we had an emergency fun ready that covered most of that. Make sure you’re putting money aside in case of these emergencies.

  • Mortgage vs Rent. When we were getting ready to buy a house we “pretended” to pay the mortgage for a few months. We put the extra money aside in our emergency fund but it was a great way to see if we could financially handle the big monthly payment with the added bonus of forcing us to save. If it’s too tight monthly you’ll know it might not be the right time for you.
  • Shop Around for Mortgages. You don’t have to go with the first bank you look into. Check into rates and different banks. Also, check out the different types of loans available to you based on what you are looking for. Companies like The Associates Home Loan of Florida even offer loans for those with less than perfect credit.

Neighborhood

This should go without saying but when we first started looking at homes we looked online at the houses themselves before considering the neighborhood they were in. Luckily, we realized before we purchased that we needed to look at the house and the area as a whole package. Sites like Zillow can help you get information before you even physically look at a home.

  • School District. This is extremely important if you plan on having a family in the home you choose. If you plan on sending your children to school near the home look into the local schools. This will save you a ton of stress as your kids get ready for school. It’s a tough decision but you may love a house but hate the school district or vice versa. This is when doing your research in advance!
  • Houses on the Street. Take a walk around the street of the house you’re looking at. Take a look at the neighboring homes. Are they all occupied? Are their vacant properties? How do the properties look? You don’t want to purchase a home in an area that has a lot of vacant homes or houses falling apart. You want this home to be an investment and vacant and neglected properties can hurt your investment if you decide to sell in the future.

I’m extremely happy with the home we chose. It wasn’t what we originally had in mind but the location and investment were well worth it. We were prepared and it helps with some of the financial stress of daily life. Do your research and be ready for what you’re getting into and it will make the home buying process so much more enjoyable!

Disclosure: Mommy Makes Time receives products in order to conduct reviews. No monetary compensation was provided unless noted otherwise. All opinions are 100% my own. Some posts may contain affiliate links that I receive commission or payment from in exchange for referrals. In the event of a giveaway, the sponsor is responsible for delivery of the prize, unless otherwise noted in the posting. I only recommend products or services I personally use and believe will be a good fit for my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 225: “Guides Concerning the Use of Endorsements and Testimonials in Advertising

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