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2 Important Questions to Ask Yourself Before You Buy Your First Home

2 Important Questions to Ask Yourself Before You Buy Your First Home

You’ve graduated from college, landed a solid job, and saved a significant amount of money. Now you’re seriously thinking about buying your first home. You’re pretty sure you’ll be able to handle the added responsibility.

So are you ready to take the plunge? The answer is: it all depends. Here are two very important questions to ask yourself.

Why Do I Want to Buy a Home?

The Great Escape

Mr. Smith in the apartment unit to your left plays music so loudly it could wake the dead. Is relative quiet at 3 a.m. on weekdays asking for too much? Then there’s the neighbor across the hall, Ms. Jones, whose dog barks incessantly.

All things considered, you shouldn’t buy a home simply to escape issues with neighbors. The reality is that you could encounter similar problems no matter where you live.

All of My Friends Own Homes

Don’t feel pressured by the status of your social circle. You should buy a home when the time and conditions are right for you. Besides, you don’t know their personal finances.

What’s My Debt-to-Income Ratio?

Now it’s time to get down to business and crunch some numbers.

Your debt-to-income ratio (DTI) is a figure that lenders consider when you apply for a mortgage. It is the amount of your monthly income that goes toward paying debt. A “front-end” debt-to-income ratio is calculated by your estimated housing costs divided by your gross income. A “back-end” debt-to-income ratio is the percentage of your income that’s allocated for paying housing costs, student loans, credit cards, child support, car loans, and any revolving debt on your credit report. Generally, mortgage lenders like to see a back-end debt-to-income ratio of 36 percent or less, although the FHA will accept a debt-to-income ratio of up to 50 percent, per NerdWallet.

You don’t have to be a loan officer or a finance whiz to be able to calculate your DTI. Bankrate has a DTI calculator you can use, and offers an even more in-depth explanation of debt-to-income ratios.

If your debt-to-income ratio exceeds acceptable ranges you should focus on paying off debt in order to lower your DTI ratio, and consider applying for a mortgage at a later time.

Are You Buying a Home Along 30A?

If you’re thinking about buying a home for sale on 30A, we can help you. Sign up for exclusive access to the hottest listings – we’ll notify you as soon as homes that meet your needs hit the market!

You can also check out all our 30A real estate listings or get specific with these links:

  • Alys Beach homes for sale
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  • WaterColor homes for sale
3010 E County Hwy 30A
$19,900,000
  • 7 Bedrooms
  • 10 Bathrooms
  • 9,981 Sq Ft
  • 0.250 Acres

3010 E County Hwy 30A Santa Rosa Beach, Florida

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8512 E County Hwy 30a
$12,990,000
  • 9 Bedrooms
  • 12 Bathrooms
  • 9,357 Sq Ft

8512 E County Hwy 30a Inlet Beach, Florida

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200 Eastern Lake Road
$12,750,000
  • 5 Bedrooms
  • 8 Bathrooms
  • 7,154 Sq Ft

200 Eastern Lake Road Santa Rosa Beach, Florida

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47 Hinton Drive
$12,500,000
  • 8 Bedrooms
  • 9 Bathrooms
  • 8,475 Sq Ft
  • 0.700 Acres

47 Hinton Drive Santa Rosa Beach, Florida

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2182 E County Hwy 30A
$10,950,000
  • 6 Bedrooms
  • 7 Bathrooms
  • 5,335 Sq Ft

2182 E County Hwy 30A Santa Rosa Beach, Florida

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756 Blue Mountain Road
$9,495,000
  • 6 Bedrooms
  • 9 Bathrooms
  • 8,277 Sq Ft
  • 0.260 Acres

756 Blue Mountain Road Santa Rosa Beach, Florida

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208 Paradise By The Sea Boulevard
$8,999,000
  • 6 Bedrooms
  • 7 Bathrooms
  • 6,900 Sq Ft

208 Paradise By The Sea Boulevard Inlet Beach, Florida

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427 E Water Street
$8,200,000
  • 6 Bedrooms
  • 6 Bathrooms
  • 3,628 Sq Ft
  • 0 Acres

427 E Water Street Rosemary Beach, Florida

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12 S Spanish Town Lane
$7,800,000
  • 7 Bedrooms
  • 8 Bathrooms
  • 5,159 Sq Ft
  • 0.130 Acres

12 S Spanish Town Lane Rosemary Beach, Florida

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4895 W County Hwy 30A
$7,650,000
  • 5 Bedrooms
  • 7 Bathrooms
  • 6,751 Sq Ft
  • 0.390 Acres

4895 W County Hwy 30A Santa Rosa Beach, Florida

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517 Beachside
$7,500,000
  • 8 Bedrooms
  • 10 Bathrooms
  • 6,096 Sq Ft
  • 0.850 Acres

517 Beachside Panama City Beach, Florida

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152 E St Lucia Lane
$7,195,000
  • 5 Bedrooms
  • 6 Bathrooms
  • 4,646 Sq Ft

152 E St Lucia Lane Santa Rosa Beach, Florida

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86 Tidal Bridge Way
$7,000,000
  • 6 Bedrooms
  • 7 Bathrooms
  • 4,765 Sq Ft

86 Tidal Bridge Way Inlet Beach, Florida

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28 W Spanish Town Court
$6,995,000
  • 5 Bedrooms
  • 5 Bathrooms
  • 5,017 Sq Ft
  • 0.070 Acres

28 W Spanish Town Court Rosemary Beach, Florida

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281 Pompano Street
$6,699,000
  • 6 Bedrooms
  • 5 Bathrooms
  • 5,694 Sq Ft

281 Pompano Street Inlet Beach, Florida

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Posted in: Buyers, Mortgages, Moving, Tips Tagged: Blog, Buyers, Buying, First Home, First Time Homebuyer, Mortgage, Tips

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