Are You A Renter Or A Home Owner

Are You A Renter Or A Home Owner

With the housing market and economy rebounding many people are considering making the jump from renter to home owner.  Is now the right time for you to consider making a transition into your own home?  I’ll offer a few ideas for you to think about if you are considering buying.

What’s your buying power vs. renting?  In other words, how does what you are accustomed to paying for rent translate to how much house you can afford?  It’s possible that you will discover that you can buy a house similar to one you are renting with less monthly payment than you pay in rent.  Or for what you are currently paying you can have a little nicer or larger home.  This will be determined by how much down payment you can afford to make and your credit.

  • Determine what you can afford.  Take the time to review your credit and finances with a good mortgage professional.  They will be able to tell you what type of mortgage you can qualify for.  This will be based on your down payment, credit history and income.  This will help you figure out what price house you can buy.  Once you know this, if you decide to look for a house, I would recommend you go ahead and get pre-qualified for a home loan, this makes you a much stronger buyer.
  • Time to shop!  You have done all you homework, gotten pre-qualified so what now?  A great place to start is with your Realtor, they can guide you through a process of finding the right area, neighborhood and amenities in the price range you are looking for.
  • You have found a house, now what?  You will have an opportunity to do an inspection, take it seriously and hire a professional inspector.  The inspection for a home purchase is much more thorough than the inspection you would do when renting.  You want to know everything about the home’s condition. This includes, the structure, foundation, roof, mechanical systems, appliances, plumbing, electrical, the list goes and is way more than just what you can see visually.
  • Don’t forget to factor in the extra costs of owning a home.  Even though you may have a fixed rate loan, your monthly payment could go up if you property taxes or home owners insurance increase.  Also, remember that repairs are your responsibility.  You can’t call the landlord if something breaks, you are responsible for the repair and the cost of repairs, so be sure to budget accordingly.
I’ve attempted to give you a few things to think about if you are trying to decide if you want to continue as a renter or become a home owner.  There is a lot more involved in the purchasing process than what I have described, if you are interested in making the leap from renter to owner, I would be happy to consult with you and make sure you are comfortable with the entire process.  I can be reached at Gary@Whats-Next-In-Realestate.com or my cell number is 972-896-8482.  


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Phone: 972-896-8482
Dated: July 31st 2014
Views: 1,025
About Gary: My clients are my number one priority. I spend the time to understand your real estate needs and y...

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