Buying a new home might be considered a daunting task; however, it’s the dream of many to hold the keys to their new abode! While you may be afraid to take the plunge, there are many reasons why you should go ahead and buy a home. After all, don’t you want a place you can call your own? Here are 4 signs it’s a good time to buy a home:
- You’re ready to make a commitment
As you may already know, buying a home is a HUGE commitment. Signing on the dotted line comes with a ton of new responsibilities – responsibilities such as home maintenance and its costs, taxes, and yearly fees. If you don’t see yourself settling down in one place for five years or more, don’t buy a home. Why? Buying a home is pricey and so is moving. Adding these costs together can add up, so you’ll want to live in your home for at least five years to offset those costs.
- You want to make your own rules
Answering to a landlord can get tiring. If you’re looking to call a place of your own, with your own style and your own rules, you may want to buy a new home. Some landlords don’t want to give up too much control of their property. If you’re one to customize your surroundings (think painting walls, putting in a pool, digging in the backyard, etc.), buying a home might be the perfect solution for you.
- Renting can drain your pockets
We’ve all heard that renting is more expensive than owning in the long run. While many people may doubt the validity of that claim, many times it happens to be true! Think about it – when renting, you’re putting money toward something that isn’t yours. You’ll probably even probably LESS on mortgage when you purchase a new home. When considering buying a home, sit down and examine your budget. Look at what your mortgage payments would be and add it to your utility bills. If the expenditures are the same or less than what you spend on renting, you might want to buy a home!
- You have the down payment
If you’ve been saving money for the home of your dreams, you know that it’s been a long process. When you save a lot of money, you might have difficulty parting ways with it! Trust us, though – it’s just best if you just use the down payment. When you put sufficient funds as a down payment, you’ll owe less money down the road. This also translates to owing less money in interest rates.
Keep these signs in mind if you’re thinking of buying a home!
When you’re ready to buy the home of your dreams, contact our Downtown Orlando Real Estate company to start searching! We can be reached at 407-622-7878.