The decision to buy a house can be pretty intimidating. How do you know if you’re ready to make the biggest investment of your life? You may feel like the option to buy a house is impossible, especially when you are paying rent each month.
You may be ready to buy a house and not even know it! Here are five signs that you should stop renting and start your journey to buy a house.
Mortgage Payments Are Less Than or Equal to Your Rent
It’s amazing the interest rates you can get on your mortgage nowadays. If you have good credit, talk to a mortgage lender and see what kind of interest rate you can get and how much house you can afford to buy. The monthly payments may surprise you!
The upside of buying a house and paying monthly mortgage payments is that you are building equity in your home. When you pay your monthly rent, you’re essentially paying someone else’s mortgage without gaining any ownership.
You Plan to Stay in the Location
Do you love where you live? Maybe it’s time to buy a house then! If you see yourself staying in the same place for five or more years, then it’s a good idea to look into the real estate market and see what options are available to you.
You Can Make a Down Payment
We are always told to put money into our savings account, but what are we saving for? It’s time to take a serious look at that rainy day fund and see if you have enough money to make a down payment on a home.
Depending on which type of loan you decide to get, you can make a down payment of as little as 3.5% with an FHA loan. If you are a U.S. veteran, you can purchase a home with the VA loan and put nothing down! It’s worth looking into.
You Can Do Household Repairs
It’s important to remember that when you buy a house you are responsible for all of those minor and major repairs. Changing light bulbs, unclogging drains, and replacing garbage disposals is now up to you. If you have a toolkit and are confident that you can maintain a house, it may be time to buy one.
You’re Ready to Customize Your Home
Even when you live in an apartment that you can call home, it doesn’t really feel like home because you can’t customize it the way you’d like. When you buy a house, you can paint the walls whatever color you’d like, rip up carpet and put down hardwood floors, and redo your kitchen. It’s completely up to you to choose what to customize and make your home yours!
Are You Ready to Buy a House?
Have you seen two or more of these signs that you should buy a house? Talk to a real estate agent about the home buying process today!