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.