Buying a home is one of the most exciting things that a person will do in his or her life. However, it can also be a significant commitment at the same time. Therefore, it is important for a person to know whether he or she has the time and money to spend on acquiring and maintaining a home for several years to come.


Do You Have Sufficient Savings?

Having the ability to afford a mortgage payment is just part of owning a home. Prior to closing on a sale, you will need to put up to 20 percent of the purchase price down as well as pay other closing costs. This could mean having to spend $10,000 or more before you get the keys to the house. Furthermore, you will need to have money set aside to make repairs, buy furniture and pay utilities. If you don’t have enough money set aside to meet both your housing and other expenses, it may be best to keep renting.


Do You Have Job Security?

It is important to know that you will have a job to help cover the mortgage payments for at least three to five years. That is how long you will likely need to keep the home for the purchase to make sense financially. Furthermore, you should be reasonably confident that you will not be transferred or otherwise be asked to move to keep this job and the income it provides.


Calculator Tools Are Available

There are many online calculators that you can use to determine the cost of renting as opposed to buying a property. Working with the best Las Vegas mortgage brokers can also help to provide insight into the decision. Even if you can’t afford to buy now, that insight could make it possible to start the transition from renting to buying.