When should you buy your first home?

Although the amount of money you will need to buy a home varies based on what you can afford, you ahould be ready to buy a home as long as you:

 

  • Are in good financial health and you have saved enough for the down payment;
  • Can afford the monthly loan repayments; and
  • Have set aside an emergency fund. 

 

Some other factors to think about include:

 

  • Whether you have a steady job;
  • The location of your potential home; 
  • If you are prepared to stay there for a long period of time; and
  • If you are mentally ready to take on the long-term commitment of owning a home.

 

Once you’ve ticked off the above checkboxes, then you are probably ready to buy your first home. 

 

To help you figure out if you are ready to buy a home, read our guide on What Home Can You Afford to Buy. You can also use our calculators to figure out how much you will need to buy a home, how much your upfront costs will be and what your monthly loan repayment will be. 

Prev Summary
Next Get peace of mind