We tend to track forward momentum in life by a few key milestones—first job, first car, first home—but in reality, there are no one-size-fits all markers of success. Existence can be far more exciting when we opt to follow our own timelines. That said, purchasing real estate, whether for you, your family, or as an additional source of income, can be a point of pride and something to celebrate. If you’re keen, you may be deliberating over one specific question: when is the right time to buy your first property? Here are a few indicators that you’re ready to take the leap.

You’re in a Good Place Financially

First-time buyers are often surprised by the additional appraisal and inspection costs that can come with a home, not to mention repairs or renovations. From land transfer taxes to closing costs, home buyers should anticipate outlays beyond the property’s listed price. Ensure that you have enough on hand to cover the fees on your fantastic new space.

“My top tip to any first-time buyer is to speak with a number of lenders early in the process to determine their potential loan eligibility,” says Russ Lyon Sotheby’s International Realtysales associate Camden Steele. “The process of first-time home ownership unfolds opportunities for financial literacy on a much grander scale. Clients tend to learn more about credit, budgeting, investment, and insurance than they ever expected, and it can put them on the path toward financial freedom, independence, and wealth-building.”  Continue reading “When it is Time to Buy Your First Property | Sotheby’s International Realty”