Buying a home is one of the biggest financial commitments you’ll ever make. It’s exciting, but it can also feel overwhelming, especially if you aren’t sure whether you’re financially ready to take that next step.
As REALTORS®, we believe in helping you make informed, confident decisions. That means making sure you understand your finances and your rights before you begin your home search.
Start by taking an honest look at your financial picture. Review your income, monthly expenses, debt, savings, and credit score. Small steps like paying bills on time, lowering credit card balances, and avoiding new debt can make a big difference in improving your financial standing. You might also be surprised to learn that you don’t always need a large down payment. Many first-time buyers qualify for government backed loans or local assistance programs that reduce upfront costs.
Wondering if student loans or other debt disqualify you from homeownership? They don’t. What lenders care most about is your debt-to-income ratio—how much you owe each month compared to what you earn. A qualified lender or housing counselor can help you understand what you can afford.
It’s also important to remember that housing is a right protected by law. The Fair Housing Act ensures you cannot be discriminated against based on race, color, national origin, religion, sex (including sexual orientation and gender identity), disability, or familial status. If you ever feel you’ve been treated unfairly, you can report it to your local fair housing agency or HUD.
REALTORS® are held to the highest ethical standards and are dedicated to promoting fairness, accessibility, and opportunity in housing. We are also working at the local, state, and national levels to address housing shortages and make homeownership more achievable for everyone.
Owning a home doesn’t stop with the keys. From budgeting for property taxes and maintenance to planning for future expenses, responsible homeownership is a lifelong journey. Luckily, resources like housing counselors and post-purchase education programs can help you stay on track.
To learn more about preparing for homeownership, understanding your rights, and finding trusted resources, visit facts.realtor. And when you’re ready to start your search, work with a REALTOR®—your partner in achieving the dream of homeownership.
Summer Knight is a Santa Barbara native and top producing Realtor at Sun Coast Real Estate. Summer has been a member of the Santa Barbara Association of Realtors for over 20 years and currently serves as the President of the Board of Directors. Reach Summer at 805-886-1261 or summer.k.knight@gmail.com.
