Are you ready to buy a home?

Is it better for you to rent or buy?

Ask yourself these questions:

  • Are you ready for a long-term commitment or are your needs more short term? For example, do you travel a lot making it difficult to care for a home and are your expenses tied up in travel? Are you ready to settle down? Can you live in the home for 5 years? (You’ll have a better chance of gaining more return on your investment)
  • Are you ready to take responsibility for your property’s maintenance? Can you fix a leak? Will you be able to save for these costs that will arise? Do you have the skills to fix an issue or the funds to pay for someone to help you?
  • Do you have enough money saved for a down payment and/or closing costs? Some programs require a certain percentage of the sales price down. And closing costs can be thousands of dollars on top of this as well.
  • Are you willing to comply with Homeowners Associations (or Habitat deed restrictions) rules and regulations? These can require you to stain your porch perhaps when you are not ready.
  • Is your credit up to par? Many programs, such as Bend Area Habitat for Humanity, require a minimum credit score.
  • Are yo willing to adjust your spending habits? In order to afford a home certain adjustments will need to be made.
  • Can you afford a mortgage payment plus other monthly bills? 
  • Is your income steady and permanent?
  • Have you owned a home before? 
  • Can you differentiate between wants vs. needs?