Is it time to stop paying your landlord’s mortgage and go find your first home? I have five things you should consider before you make the leap into homeownership.
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3. Are you emotionally ready to own a home? It’s a pretty big responsibility. When you lease a home and your fridge goes out, all you have to do is call your landlord and they’ll fix it. Just think of the steps homeowners have to take. Consider what the responsibilities will be after you own the home and ask yourself if you are really ready.
Is it time to stop renting and buy your first home?
If you’re tired of paying your landlord’s mortgage and building their wealth, now may be the time to consider buying your first home. Before you make the jump from leasing to owning, there are a few things you should consider:
1. Are you financially prepared to buy a home? Are you ready to make a down payment? A down payment can be anywhere from 3.5% to 20% of the sales price, or more if you want. Make sure that you have the cash you’ll need for the down payment, as well as your closing costs.
2. Are you ready to make some compromises on where you could potentially live? You may need to compromise on location or size of the home in order to start building your wealth. Your first home may not be your absolute dream home. However, consult with a mortgage lender, hire a Realtor, and find out where those compromises can happen in order to get the best first home possible.
Owning a home is a big responsibility.
3. Are you emotionally ready to own a home? It’s a pretty big responsibility. When you lease a home and your fridge goes out, all you have to do is call your landlord and they’ll fix it. Just think of the steps homeowners have to take. Consider what the responsibilities will be after you own the home and ask yourself if you are really ready.
4. Will owning a home pay off in the long run? Depending on where you buy and how much you put down, you can often pay less for a monthly mortgage payment than you are paying in rent. While you’re doing that, you build wealth for yourself. Your home price may increase, causing equity to build even faster. Owning a home can be a great way to build wealth.
5. Has your lifestyle outgrown renting? Things change. Maybe you recently got married or had a baby and it’s time to enter the world of homeownership. Maybe you need to get a bigger place, a place where you can plant your roots and build your new life.
If you are interested in buying your first home and have questions about how to start the process, just give me a call or send me an email. I would be happy to help you!
