Many long-time renters put off looking at homes for sale simply because they don't think they're ready. What many people don't realize, however, is that owning real estate can be more affordable, rewarding, and manageable in the long run than renting. Here are five key signs that it might be time to say goodbye to renting and call up your local Realtors and start house hunting.
A mortgage is more affordable than your rent.
Start by taking a look at your finances. The amount you pay in monthly rent and utilities might be more than what you'd pay on a mortgage. Not only would a house give you a space to truly call your own, but you'll be building your assets for the future with every payment.
The market is in your favor.
Timing is everything when it comes to finding the perfect house for sale. The market can determine your bargaining power in the final sale price of a home as well as the interest rates you can lock in on your mortgage. A buyer's market with low rates is your best bet for a good buy.
Buying a house is no light task. You should be ready to take on the responsibilities of homeownership and fairly certain that you're ready to live in one place for at least five years. Remember, however, that you're not alone in making the leap from renting to buying: 32% of people looking at homes for sale are first-time buyers, too.
You have good credit and money for a down payment.
The better your credit score and the more you can afford to spend upfront on the down payment for a house, the better your mortgage rates will be and the more money you'll save over time. It may be worth taking a little extra time to improve your credit and build some savings before you quit renting for good.
Don't expect to find your dream home on the first try. First-time buyers need to be flexible with their expectations, prioritizing what matters most in terms of cost, location, amenities, etc. The best path to owning your dream home is to work your way up and learn along the way.
Ready to quit renting and start looking at homes for sale? Contact our Realty Executive Realtors today for an experienced guide to help you on your path to homeownership.