There are many reasons why people relocate. Whatever the cause at the root of it, you know when you need to move into your own home. Unfortunately though, the sheer desire to have your own place isn’t enough to constitute packing your things and getting a mortgage! Here, we’ve listed some of the important questions you need to ask yourself when considering a move…
Are my Finances in Order?
Whether you’ve got credit cards to pay off, other debts to deal with, or any other kind of financial issues hanging over your head, you need to be in the green before you decide to up and move to a new home. If you’re struggling to make rent right now, it’s a clear sign that you need to be making some changes – pursuing the next step in your career, making some tough lifestyle choices, etc. It’s also important to understand the state of your credit, and just how affordable your plan is in the long term. There are various helpful tools out there for these projections, like this mortgage calculator with piti.
Am I Ready to Commit?
Whatever the reason you want to move, the one thing you don’t want to do is rush into moving into a home of your own, and find yourself regretting it later. It’s one thing to like the idea of having a place to call home, and another thing entirely to actually be ready to commit. Take some time to consider how much you’ll miss the freedom and flexibility of living in house shares and other rented accommodation. If you’re really reaching a point where you want a dependable degree of permanence in your life, then you may be ready for this next big step.
Do I have a Clear Vision?
Closely tied to my last point, it can really come back to bite you if you want a house just for the sake of having a house. You don’t want to move into a home with certain features and nearby facilities, and then discover that there are all kinds of details you would have preferred after it’s too late. At the very start of the house-hunting process, it’s important to have a clear vision in mind of what you want your next home to be. Do you want it to have a modern, intelligent design? Do you want it to be close to public transport, arts venues, or something else? Are you going to start a family there and need nearby schools?
How’s your Credit Looking?
The current state of your finances may be looking pretty good. However, it can take a while for your credit score to reflect how stable your income is and how good you are at handling finances. This is especially true if you’ve had various financial issues in the past. Apply for a credit report, and do some research to forecast how long it will take to even out. Remember to get any errors fixed too. When your credit rating is something to be proud of, you’re ready!