If you have been renting with the dream of
buying someday, you may be watching the news about the housing industry. With
low interest rates keeping homes affordable, maybe now is the time to make the
leap from renter to homeowner. Several factors play into that decision to help
you know which is right for you.
Future Plans
You must consider where you are going in
the next few years. How long you stay in your home will help determine if you
should continue renting or buy your home
now. Part of this decision will depend on your job. If your current job is
unsteady or there is a likelihood of being relocated, you may want to hold off
on buying. You don't want the headache of trying to sell a home while being
transferred to another city or state, especially with very little equity in the
property.
Consider the Down Payment
Before deciding to buy, you have to figure
out if you have enough money for a down payment. This means more than just
meeting the minimum required by the lender, but as much as you want to put into
the house to give you some equity to start out. On the other hand, you may not
want to put all of your savings into the down payment and have nothing left for
maintenance and repairs.
Know Your Finances
Beyond having good credit and a steady job
to be able to qualify for a home loan, you also want to know that you have
money saved for other expenses and that you are ready to take on the challenges
that come with being a homeowner.
If you feel prepared to face the headaches
along with the joys that homeownership brings, now may be the right time to
transition from renter to owner. If you want to find out what is available in
your price range and location, give
me a call. I can help you become a homeowner with a property that fits your
needs.
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