When is it time to switch from renting to buying your first home? If you have been in a renting rut for more than 5 years, it may be time to switch to buying a home. With every purchase there are always pros and cons. However, if the main reason you prefer to rent instead of buy is because buying it more expensive. If you rent a home for more than $1,750, then we can help you find a home with monthly payments similar to what you pay!
Purchasing a home is one of the biggest decisions you can make in your life. Some people rent because it seems easier, but here are some reasons you SHOULD switch.
Do you have a healthy savings account?
If you answered yes and you have enough financial freedom to put a down payment of at least 10%, then you should be confident in making a home purchase.
Are you ready to commit?
Most people are worried that some unlikely event will happen in the future that will not allow them to pay off the rest of their home. However, if you plan ahead for some financial troubles in the future, have a steady job, and are happy with the location off your new home, then it may be time to commit to the purchase. Why wait, properties are an investment. If you just rent for the rest of your life, then you are not putting money into something you own because the property you are renting is always going to be owned by someone else.
If you have any questions about buying a new home, contact us! We would love yo help you make the home-buying experience easy, affordable, and worth every penny!
The information collected for this blog can be found at https://americanlifestylemag.com/home/real-estate/stuck-renting-rut/?fbclid=IwAR0LN9HQRI80OWRw1iMZTIneCRdwF4ezEIGylxNmIfcSoHg8LDQWaNFQ6BI. This article goes into more detail, but very similar in that it is important to purchase a home rather than rent for 10+ years!