Buying your first home is a big step, and it's not always easy to know when the time is right to make it. If you're thinking about making the leap from renting to owning, our REALTORS® are here to help. These are the six biggest signs that the time is right to make that leap to homeownership.
- You're Financially Ready
There are a few different financial considerations when it comes to owning a home, and it can be a big mistake to go for it if you're not ready. It's important, first and foremost, to be out of debt and have a good credit score. You also need to have some savings, and not just enough to meet the minimum down payment, but also enough to deal with the ongoing expenses of owning a home, from mortgage payments to unexpected repairs. If you're in good financial shape, you've already cleared one of the biggest roadblocks to homeownership.
- Your Apartment no Longer Meets Your Needs
We outgrow our living spaces in all kinds of ways. One of the most common is that families, quite literally, start to grow. If your family has a new member on the way, and your current living situation just doesn't offer enough space, it might be time to look for a new home that you can really call your own.
- Buying Is a Better Deal
It's no secret that rent costs are skyrocketing, and there's no sign that they're going to slow down any time soon. In many areas, especially larger cities, it is rapidly becoming cheaper to own your own home than to continue renting on a monthly basis. One of the biggest factors that are pushing Millennials to own their own homes is the discovery that their monthly mortgage payments would actually be less than they're currently paying in rent.
- You Plan on Staying Put
There's nothing wrong with a bit of wanderlust. If you want to try living in different places, and enjoy not being tied down, that's totally fine – but maybe home ownership isn't for you, at least for now. If, on the other hand, you've found a place that you can see yourself living for at least the next five years, then owning a home is often a better option.
- You're Job is Relatively Secure
Financial stability is crucial to homeownership. That's not to say that you'll be totally ruined if you lose your job, but it will certainly make things difficult. If you're thinking about buying a house, ask yourself how stable your current job and income are. Are you likely to stay at the same job for a while, or maybe even have a promotion coming down the line? Or are you working at a job that you plan to leave? Starting a new career and buying a home at the same time isn't usually the best plan.
- You're Ready for the Responsibility
Many new homeowners are shocked at all the responsibilities that come with owning a home, but they really shouldn't be. Yes, you have to mow your own lawn, shovel your own driveway, repaint the walls when they need repainting, and replace the water heater when it needs to be replaced. If you're ready to take on that responsibility, you're ready to own your own home.
If you're ready to stop renting and buy your first home, contact Haring Realty to learn more. We're committed to helping you make all the right decisions on the road to owning your first home.