You already know that buying a home is a massive commitment. It’s hard to wrap your head around exactly how much financial stability you’ll need to afford a home on your wish list. Should you rent for a while until you muster up the nerve to sit down at the mortgage desk? How do you know if you’re ready to take the purchase plunge?
If you’re thinking about buying a home, it’s always best to talk to a mortgage professional. In the meantime, there are a few questions you can ask yourself to gauge your home-buying readiness. Today, we’re going to get you to consider some of those questions and determine if you are ready to move forward or temporarily put on the brakes.
The Million-Dollar Question: Should I Rent or Buy?
The truth is, you need to live somewhere. If you’re not ready to buy a home, renting is a reasonable option. Not convinced?
Here are a few of the benefits that renters experience:
-
- When you rent, your landlord typically covers most maintenance and repairs.
- Renters don’t pay property taxes.
- As a renter, you’ll have more flexibility when you’re ready to move. Just give your landlord the required notice, and you’re on your way!
Renting sounds pretty good! Why would you want to buy a home when you could rent?
Here’s what we think about buying:
-
- Since you own your home, you can paint, remodel or do anything else you want to make it your own.
- Your mortgage interest is tax-deductible.
- There are so many mortgage options available that there is bound to be one that fits your budget!
Eight Questions To Assess Your Homebuying Readiness
If you’re on the fence about buying a home, we understand the nerves! Here are eight questions to ask yourself to determine if you are ready to take this life-altering step:
- Do you anticipate any significant life changes that could affect your finances in the future?
- Do you plan to stay in the home for at least five years?
- Are you equipped to handle household maintenance and repairs?
- Do you have a steady income source?
- Are you able to comfortably save money every month?
- Is your current debt under control?
- Do you have an emergency fund?
- Do you have money earmarked for your down payment and closing costs?
Contact Us Today
If you are thinking about buying a home, our experienced loan professionals are here for you. We’ll help you answer these questions and give you honest feedback to help you determine if you are ready to buy a home. Contact MortgageDepot today to start your mortgage conversation!
Connect with one of our loan consultants for more information.
Have questions or need help?
Call us now at 800-220-LOAN
Request a call back or email us your questions!
