Not sure whether to buy or rent? Answer the 4 questions below to find out which is best for you.

Taking the step from renting an apartment to owning a home is a huge one. There are lots of factors to keep in mind while considering making the jump from renter to homeowner. If you feel like it may be time to take the plunge, answer these four questions to get some guidance in which direction is right for you.  

Are You Ready to Stop Renting? Answer These Questions to Find Out!

June 7, 2017

Not sure whether to buy or rent? Answer the 4 questions below to find out which is best for you.

Taking the step from renting an apartment to owning a home is a huge one. There are lots of factors to keep in mind while considering making the jump from renter to homeowner. It can be stressful and worrisome to think through everything you need to while making this important decision. If you feel like it may be time to take the plunge, answer these four questions to get some guidance in which direction is right for you.

1. How long do you want to stay in the area?

Buying a home is not only a large investment of money but of time too. If you are planning on leaving the area within the next two or three years, buying a home may not be the best idea. Think about the long-term when considering whether to buy a home; you won’t have the flexibility of an apartment lease to decide whether to move again in the near future.

2. What is your income?

You need to be realistic when it comes to buying a home. Be honest with yourself and look at what your numbers are: how much you have saved, how much you make per month, and how much you can afford for a mortgage payment. Knowing these numbers will help make the decision easier and keep you from getting in over your head.

3. How much is your current rent?

You might be surprised how affordable a home can be! Some mortgage payments can be as low as your rent payment—so why keep renting? You can use home mortgage calculators to get a grasp on what a possible mortgage payment could be; you may find that owning a home is much more affordable than you thought.

4. Are you planning any big life changes?

When choosing between renting and buying, keep the big picture in mind. Are you looking for a new job that may take you out of the area? Planning to have a family? How many people will be living with you? Are you single or married? Answering many of these questions can help you decide whether a home is a good investment. They will also help you figure out how much space you need and what factors will play into your new living space, regardless of whether you choose an apartment or home.

Answering the four questions above can be a good starting point when deciding if now is the time to buy. You may be surprised by the answer! If you come to the conclusion that buying is the right move for you, contact a mortgage professional to answer all of your home buying questions.

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