Are you a longtime renter, and wondering whether now is the right time to take your first steps toward buying a home of your own? Whether owning a home has been a life-long dream or you've only started considering the possibility recently, there are plenty of signs that can help you decide if now is the right time to buy a home. Our REALTORS® are here to help, with a guide to six signs that you're ready to give up the renter's life and purchase your own home.
Is It Time for A Home of Your Own?
- You're Tired of Cutting a Check to Your Landlord Every Month
While this one applies to every renter to some degree, not every renter is tired enough of monthly payments to make the switch to buying a home. But if you're really tired of rent payments, and you want to see your money going toward something that's your own, then buying a house can be a great financial decision.
- Your Credit and Savings Are in Good Shape
Buying a home is a big financial decision, so it's important to make sure that your finances are ready for the process. You'll want savings to make a down payment, cover your mortgage, and take care of home expenses. It's also a good idea to make sure that you're credit is in good shape, to streamline the process of securing a loan.
- You Love the Community You Call Home
Or the community where you're planning to live if you purchase a home. Buying a home is a much easier decision when you really love the community where that home is located, so falling in love with a community is a great sign that now may be the right time to buy a home. When shopping, always evaluate the neighborhood where the home is located, along with the home itself.
- You're Ready to Settle Down
Settling down means different things to different people, but in this case, we simply mean that you're ready to stick in one place for an extended period of time. Maybe you're starting a family, you've found a long-term job in your preferred career, or you're simply ready to start building a life in a community that feels like home. No matter the reason, a desire to stick around in one place is a good sign that now is the time to buy.
- You Want the Freedom and Control of Homeownership
Sure, you can move furniture, hang pictures, and decorate, but renting ultimately means you have very little say in the big choices about the property. Owning a home gives you the freedom to customize your home as you see fit, and the control to bring your dreams to life.
- You Have a Plan
Buying a home is a big decision, and having a plan in place is a big part of the process. So if you have an idea of where you want to shop, how much you have to spend, and what type of mortgage will fit your needs, then you may be ready to take the plunge. If you feel like you're definitely ready but don't quite have a plan in place, working with an experienced real estate agent is a great way to kick-start the process.
Are you ready to make the switch from buying to renting? Our experienced, local real estate team would love to help! Contact us at RE/MAX DFW Associates to buy and sell homes throughout the Dallas-Fort Worth, TX area.