Right now you may consider if it makes sense to rent or buy your first home. Right now interest rates are great! Home inventory is a little tight, but by being prepared and with a little patience you can find the right home!
Houselogic wrote a great article entitled “Buying Your First Home: 5 Things to Know Before You Do“.
Tired of working so hard just to build your landlord’s equity instead of your own? Been dreaming about paint swatches and obsessing over Pinterest projects? Making that leap from renting to owning a home comes with many perks — both financial and emotional. And even though home ownership comes with great responsibility, you might be surprised how achievable it can be.
Certainly, the best time to trade security deposits for a down payment is different for everyone. If you’re thinking about switching from renting to owning, ask yourself these five questions to decide if you’re ready to embark on the home ownership adventure.
Get Your Credit Checked
There are local organizations that do financial and credit counseling to help to increase your credit score. There are first time home buying classes and loan products to help you get into your new home sooner than you think. Click here to check the next first time home buying class through the Virginia Housing.
Get Financially Prepared
Even if you have down payment and closing cost assistance you’ll need money for the earnest money deposit, home inspection and lender appraisal. The bank may also want you to have some money saved in the bank for emergencies.
Are you ready to be a homeowner?
Emotionally and financially, buying a home is an adjustment. For most, owning a home can be one of the most worthwhile decisions you can make. Given that in most areas monthly rent is getting harder to manage, give me a call. I work with a few good lenders who can help. Together, we’ll customize a plan so you’ll soon get the keys to your new home! Give me a call today.
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I hope that you enjoyed this Should You Rent or Buy Your First Home post!