The decision to take the leap into home ownership is not necessarily an easy one. But there may come a time when you find yourself wondering, “Am I wasting my money by renting? Should I buy a home instead?” If the following statements ring true for you, the time may be right to take the leap into home ownership.
Many live in apartments before buying their own homes. But if you find yourself thinking, “I sure would like to take down that wall and create a more open environment,” this may be a clue that home ownership is on the horizon for you. You might be starting or expanding your family soon and dreaming of a separate nursery or a back yard for your kiddos to play in. Home ownership could provide the extra space both indoors and outdoors that you need.
You’ve saved a little nest egg.
True, vacations are nice, but if you have saved a bit, a more long lasting purchase may be what you are after. If you have determined a location that feels like home to you, the time may be right to purchase a house and lay down your roots, so to speak. Speak with your mortgage professional to determine how best to spend or continue growing your nest egg. You may be ready to make a down payment, but you also may find they type of home you are looking for requires a bit more savings – in which case, renting and saving for a little longer may be a great option for you.
Your credit is in good shape, your income is stable and your debt is manageable.
Perhaps your most recent credit report is looking good. Maybe you’ve been at your current job for a substantial amount of time. And maybe an affordable rental situation has allowed you to pay down your debt. This winning combination may be further affirmation that the time is right for you to begin your house hunt. Again, talk with your mortgage professional and determine whether you will continue down Rental Road or take a turn on Purchase Place.