Today I’m helping renters get off the proverbial fence and into a new home.
Elaine Chang has some interesting insights about the advantages of homeownership. First, she points out that it’s a great way to start building financial security.
As you pay down the mortgage, you build up home equity—a valuable financial resource. For those who’ve been on the fence about buying, know this: Mortgage rates are incredibly low right now, so it’s a good time to go through with a home purchase.
Nevertheless, deciding whether to rent or buy a home is a major decision in a person’s life. How do you know you’re ready?
Here are eight signs you’re ready to make the switch from renter to homeowner:
1. You’re tired of the rising rents.
2. Your credit score has improved, allowing you to qualify for a loan.
3. You’re good at managing debt, which is great because the lenders look at your debt-to-income ratio.
4. You have enough money set aside for the extra costs of owning a home, such as repairs or appliance replacements.
5. You can afford the down payment, and in some cases, the closing costs.
6. You’re feeling ready to settle down for a while.
7. You’re going through a major life change, such as marriage, a growing family, or significant advancement in your career.
8. You’ve matured and you know what you want.
Once you’ve read the signs, the next step is to think about the qualities of a home that are most important to you. Choose one quality that stands out above the rest. Is it being near a good school, or being within walking distance to your job? Do you mind navigating stairs?
If you are ready to leave renting, we are here to walk you through the maze of finding what you need in a home. Don’t hesitate to give The Tami Holmes Real Estate Team a call or an email. We’d be happy to help you.