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When to know if you are ready to buy or if you should look for apartments for rent

September 23, 2021
By admin In Business

When to know if you are ready to buy or if you should look for apartments for rent

When will you know you are ready to buy a house? Check out our checklist to see how prepared you are:

# 1: I have a realistic budget

I calculated the expenses for buying a new home beyond the ticket price, such as all my closing costs, insurance, transportation costs, moving costs, apartment for rent in accra and annual home maintenance costs.
# 2: I saved a large down payment

I have saved at least 5% of the price of my new home as a down payment or I am aware of the loan costs with less than 20% down payment.
# 3: I have a reliable source of income and don’t expect lower income for the foreseeable future.
The income I have is enough to cover my mortgage payments, the costs associated with home ownership, and I will still have enough for my cost of living and long-term savings. I will be able to make those payments with an income if my partner is unexpectedly unemployed.
If you are still looking for a more reliable source of income, consider renting apartments.
# 4: I have an emergency savings fund that I won’t need to touch when I buy a house

My emergency fund is enough for me / us to survive for 3-6 months in case I unexpectedly run out of income.
# 5: My debts are manageable and under control.

My monthly payments to pay off my total debt, including my mortgage, are less than 38% of my gross monthly income.
# 6: I know where my credit score is and it’s in good shape

I’ve checked my credit rating and it’s been in good standing for at least 2 years before applying for a mortgage, so I know I’ll get the mortgage rate I deserve. # 7: I am capable and ready to make a long-term commitment.

I intend to stay in my new home for at least 3-5 years and realize that moving in sooner will likely make me lose money on my investment or have to pay heavy capital gains taxes on any gains I make.

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