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Are You Ready to Buy a Home? Let's Find Out.

Owning a home is a goal for many people, and it's a great one to have! However, there are some questions you should ask yourself before you start the search, and that's what we will be talking about today.

Before you take the plunge and become a home owner, you need to evaluate a few areas in your life to determine if it's the right time for you.

Let's break it down together!

1. Assess your Debt-to-Income Ratio (DTI)

This first one is pretty self explanatory. Before buying a house, you obviously need to have enough money to do so! If you're buying a home cash, that's one thing. But if you're going to need a home loan, you'll need to understand a bit more about your DTI.

According to, "a 43% DTI means all your regular debt payments, plus your housing-related expenses—mortgage, mortgage insurance, homeowners association fees, property tax, homeowners insurance, etc.—shouldn't equal more than 43% of your monthly gross income."

This is just one step in determining if you're financially ready to buy a home!

2. Can you afford the down payment and closing costs?

While it is possible to purchase a home with as little as 3% down, there are benefits to increasing your down payment.

When you look at your long term expenses, a larger down payment can help to lower your monthly payment, also referred to as a mortgage.

Determine how much you are ready and able to put down on a home. Saving up for this is a big step in figuring out if you're ready to buy a home!

3. Evaluate the current housing market, what's it like?

Just a heads up - it's much easier to navigate the housing market with a real estate agent by your side!

Like myself, agents are able to assess the current market and help you approach the home buying process in the most tactical way possible.

Is the housing market suitable to you? Are you okay if it isn't? These are all questions you need to ask yourself as you prepare to buy a home.

4. Do you know what you want?

Part of the process of buying a home is figuring out what you want - but also what you don't want. It's vital that you come up with a list or description of the home you want, since this is what will guide you and your agent in the quest to find that perfect property!

If you don't know what you want in a home, I recommend that you sit down and talk with family and friends about aspects to your lifestyle that will need to be supported by your future home. This is a great way to determine if you're ready to buy a home, or if your life isn't there quite yet.

This is also where you'll figure out where you want to buy! Are there locations in town that you prefer? Do you need transportation or a garage - or both? Think of all these characteristics of a property and communicate them to your agent. This will help you as you look to buy a home.

That's going to be it for today! I hope this was able to give you a better idea of if you're ready to buy a home or if you're better off waiting a bit longer. Either way, working with an agent is something you won't regret.

Call me today if you're ready to look for a home in the great city of Las Vegas!

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