5 SIGNS YOU’RE READY TO OWN A HOME

Gasp! Could it be that the generation scrutinized for job-hopping and living in their parents’ basements is finally growing up and looking to settle down? Looks like it!

According to recent data from Apartment List, 80 percent of millennials are eager to buy their own homes. Despite the myth that millennials are uninterested in ownership, many have already taken the plunge. In fact, millennials have continued to be the largest group of homebuyers for several years, driving the housing market.

If you’ve been seeing friends and family making the leap into real estate, you might be considering it for yourself too. But how do you know if you're truly ready for homeownership? Here are five signs you’re ready to break free from renting and take the next step toward owning your own home.

5 SIGNS YOU’RE READY TO OWN A HOME

1. YOU’RE DEBT-FREE

Debt-free is a wonderful place to be. Paying off your credit cards means you have more cash for your mortgage and other expenses that come with homeownership. And trust us, there are quite a few. Consider how much you’ll need to budget for property taxes, homeowners’ insurance, repairs, HOA fees, and more. If you’re forced to use a credit card because you spend more money than you have, continue to chip away at your debt and keep saving for that dream home.

2. YOU HAVE A KILLER CREDIT SCORE

The average FICO credit score in the U.S. is currently at an all-time high of 717. If you’re anywhere below 700, you’ll want to clean up your credit before buying a home. Lenders want to see a credit score of at least 720 before they hand out a low interest rate. If you’re debt-free and have excellent credit, you might just be ready to own a home. But, let’s take a peek at your resume first.

3. YOU HAVE A STEADY JOB

Millennials have fully embraced the gig economy lifestyle. This workforce shift favors temporary positions in less traditional settings, making the 9-to-5 job a thing of the past. The only problem: you might have a hard time securing a mortgage. Lenders calculate how much house you can afford by looking at your pay stubs from the previous 24 months. If you’ve had the same job for a few years, you’re probably ready to own a home.

4. YOU’VE SAVED ENOUGH FOR A DOWN PAYMENT (AND THEN SOME)

Homebuyers no longer need to save 20 percent to secure their dream homes. In fact, you can purchase a property with a smaller down payment. However, considering that the median list price of a Breckenridge condo is just shy of 900K, it’s still a significant investment. Along with your down payment, you’ll want to have additional funds saved for closing costs, insurance, taxes, repairs, and furnishings. If you’ve saved enough for your down payment and have extra funds set aside for potential repairs and upgrades, you’re well on your way to being ready for homeownership.

5. YOU’RE READY TO SETTLE DOWN

These days, remote jobs make it possible to plug into your laptop and work from anywhere in the world. This freedom makes it tempting to pack up and move on a whim. If you’re not ready to commit to living in Summit County for at least five years, that’s totally fine. There are many fantastic rental properties to choose from until you decide to stay! However, if you’ve fallen in love with this cozy mountain town just like we have, you’re definitely ready to own a home.

ARE YOU READY TO OWN A HOME IN SUMMIT COUNTY?

A house is probably the biggest investment you’ll make in your lifetime. It’s completely natural to feel nervous and excited about taking such a big leap! If you identify with all of the items above, there’s a good chance now is the right time to transition from leasing to ownership. After you celebrate this major milestone, give me a call to begin the home buying process. I know Breckenridge and the surrounding communities like the back of my hand. I’d be thrilled to show you some of the gorgeous properties on the market and help you find your dream home. I look forward to chatting with you!