Have you been thinking about whether it’s time to continue renting or buy a home? With some preparation and a bit of patience, you can definitely find the perfect place!
Rent vs. Buy
If you’re tired of working hard just to boost your landlord’s bank account instead of your own, we totally get it! You might be dreaming of choosing your own paint colors or scrolling through Pinterest for DIY ideas. There are many great reasons to make the jump from renting to owning a home. While homeownership does come with its own set of responsibilities, it might surprise you how this is within your reach!
The Right Time for You
Deciding when to swap that security deposit for a down payment is different for everyone. If you’re thinking about making this important move, here are five things to consider and ask yourself to see if you’re ready for the adventure of homeownership.
Check Your Credit First
Before diving in, it’s a good idea to check your credit score. There are local organizations that offer financial and credit counseling, which can help you improve your score if needed. Plus, many places provide first-time homebuyer classes and loan products that can help you get into your new home sooner than you might think. Click here to find the next available first-time homebuyer class through Virginia Housing.
Financial Preparation is Key
Even if you have some assistance with your down payment and closing costs, you’ll still need to save for other expenses like the earnest money deposit, home inspection, and lender appraisal. It’s also smart to have some extra funds set aside for emergencies – you never know when you might need them!
Are You Ready for Homeownership?
Before you start packing those boxes, think about whether you feel ready emotionally and financially to continue renting or buy a home. Owning a home can be one of the best decisions of your life! With rental prices climbing in many areas, now might be the perfect time to explore your options. If you want to learn more, give me a call! I work with some fantastic lenders who can help you create a plan so you can soon hold the keys to your new home.
Curious About Your Home’s Value?
If you’re wondering how much your potential new home is worth, why not find out now? Let’s get started on your journey to homeownership. Contact me today!
