This article was published on November 26th, 2018
The real estate market in Bahrain is a very active one, and investing in a property for sale in Bahrain is a very beneficial opportunity. Or maybe you are looking to buy a house in your home country? While renting is also another option that can be long term, many people are now choosing to own their home. Are you one of those people? Read on for signs that you’re ready to buy your first home.
1. You have enough money for the down payment:
There are a number of costs that are associated with purchasing a home, but of course, the biggest one is your down payment. Are you able to make the down payment with minim disruption to your everyday life?
2. You have a 6-month backup fund:
Being a homeowner comes with a number of unexpected costs, and as well, you never know what life can throw at you! You should always have a safety amount to fall back on, should you need some additional money on hand, or have a few unexpected payments.
3. You can calculate your household income for the next few years:
One of the major parts of the financial planning that comes with homeownership is being able to predict is how much income the household will bring in for the next few years. Of course, it will be hard to have an extract amount, but knowing the general trend of your income should play a big role in your home purchasing process.
4. You have a steady job:
This is something that is sometimes difficult to be certain of, but it always helps to know that you have a secure and steady job. This will also help with your loans and mortgage approvals, but will also give you peace of mind as you commit yourself to a purchase as important as a home.
5. You have children, or are planning for them:
This is not to say that singles and individuals are not ready to be a home, but having a family is an extra push to become a homeowner. Families with kids are more prone to settling down and also purchasing a home can also help in securing their children’s future as well.
6. You are tired of renting:
Making rental payments can be daunting, especially when you realize that you are paying into something that isn’t even yours! Have you began calculating just how much you’re putting into someone else’s property? You will probably reach a point where you believe that purchasing a house makes more sense for you than continuing to rent.
7. You can afford repairs:
Repairs are part of ownership, weather you decide to live in the house yourself or buy it as an investment. As a tenant, your landlord is usually responsible for any repairs, but as an owner, you will have to get all that done. Can you afford it? Have you calculated an average amount as to how much it would cost to make continuous repairs? If you have, then you are on the right track!
