BUYER

Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial wellness, if you go in well-prepared and with your eyes open.

When thinking about buying a home, consider whether you want to put down roots or maintain flexibility with your living situation. How secure is your job, and can you comfortably budget for home repairs and maintenance on top of monthly housing payments? Finally, are you ready to stay in one place and do you have kids or family members to consider?

Spring is the traditional start of the home-buying season, with many listings hitting the market, but it’s also a competitive time of year. Buyers can sometimes snag great in the off-season, such as the dead of winter or on holidays when fewer people are looking.

More important than the season, though, is your own financial readiness. This means having your finances organized and your credit in order so that you’ll be able to secure a reasonable mortgage in a smooth fashion.

In addition to a down payment, potential home buyers should have enough money set aside to cover the closing costs, which can range from 2 percent to 4 percent of the purchase price.

When budgeting for the monthly payments, factor in not only the principal amount and interest, but also property taxes, homeowners insurance, homeowners association fees and (if putting down less than 20 percent) private mortgage insurance. Don’t forget to set aside money for ongoing maintenance and those unexpected repairs that are bound to pop up.