6 SIGNS YOU’RE READY TO BUY A HOME
Whether you’re looking for a yard for a pet or bigger closets for storage, buying a home could offer more flexibility than renting – and it can be a long-term investment. Are you ready to be a homeowner?
Many people are realizing that this is the perfect time to buy a home of their own as the real estate market is starting to recover in many different locations. Renters who are considering buying are typically searching for a bigger living space, more decorating freedom, and ownership of a long-term investment.
Renters! Are you tired of having to spend money each month to cover someone else's mortgage? Then it might be a good time to think about buying a house.
Here are the signs to look for.
You need more space.
Upsizing is a common reason renters venture toward homeownership. With more heads under one roof, from children to aging parents to pets and more, an extra bedroom, in-law suite, or storage space can go from being a want to a need. Whether you find a place that has everything you want or a fixer-upper that can be turned into your ideal house, owning a property offers the potential of adding more space.
You’re looking for outdoor space
Having access to the outdoors, especially for those renting an apartment, has become an increasingly more important factor to prospective homebuyers. This can be true if you welcomed a new pet into your life recently or want to invite your friends for a barbeque evening.
The options for your outdoor spaces are much greater when you own the property, whether you want to add a fence around the yard for the dog, put in a swimming pool, or lay out a patio for entertaining guests.
You want the flexibility to customize your home
One of the many luxuries of owning a home is having the freedom to do what you please with your space. When renting, tenants are unable to paint walls in the colours they like, drill holes, upgrade aspects of the kitchen, and more. Each household functions differently, so it can be comforting to live in a space custom-tailored to your needs. If you’re handy with DIY projects or can hire professionals, your options for making a new space feel like home are endless.
You’ve saved up for a down payment
Many people start the homebuying process once they have saved up enough money for a down payment. With a budget in mind, check out available financing options (like first-time homebuyer) that may help determine how much you can afford.
The down payment isn’t the only cost associated with buying a home. Don’t forget to save up for additional fees associated with the process, a home inspection, and other potential service expenses.
When the time comes that you’re ready to put in an offer on a home, you’ll already have these funds set aside.
Expenses for maintenance and repairs
Owning a home inherently comes with more responsibility than renting. When buying a home, it’s helpful to have money set aside for necessary repairs and unexpected emergencies. Being financially prepared ahead of time will make the inconvenience of a things like a broken appliance or leaky roof more manageable.
You’re looking for an investment
If you’re tired of renegotiating terms, paying higher rent, or moving each time, then buying a home is a great solution. But in addition to peace of mind, owning a home can pose long-term financial benefits, too.
Likely the largest financial transaction a person will make in their lifetime, a home is an an investment that may, potentially, help you create generational wealth. Best of all, the money you pay each month to a landlord can be used instead to pay down your own mortgage.
If you’re done with renting and ready to buy a home, find a qualified RE/MAX agent to help you through the process. Call our office today at 8000 7000.
Source used: https://news.remax.com/renters-6-signs-youre-ready-to-buy-a-home