Should You Consider Homeownership?

first time home buyer

If you’re still doing fine with renting and feel like you’re getting a good deal, it is unlikely for the idea the idea of buying a home to cross your mind. While renting is generally cheaper than buying, it is essential to consider that at some point, you won’t be paying your loan anymore.

This is never the same with renting, as the place is never yours. Whether you’re single or married, it is a good idea to consider buying to say goodbye to renting and all the inconveniences associated with it.

Owning a home may carry with it lots of responsibilities, but it reduces the stress and uncertainties of renting. You won’t have to worry about increasing rents, landlords stopping by at their convenience, and getting permission in decorating the space.

There are plenty of great things about buying a house. Mortgage companies in St George such as City Creek Mortgage suggest you might want to consider it if:

You are fairly stable.

Home ownership is best suited if you have a steady career and income, and you do not intend to quit anytime soon. If you, however, require flexibility in the way you live your life like being able to leave your job anytime to travel the world, buying may not be practical.

But then again, there are travelers who bought a home and rent it out to support their expenses.

You’re expecting a promotion or an increase in income.

Buying a home involves getting a mortgage, so an increase in your revenue can definitely help with locking yourself into a home loan.

This doesn’t mean, however, that you cannot consider buying if you don’t expect any increase soon. You can still be a potential home buyer if you have a stable job.

Your rent has increased.

You don’t much have much control over rent increases. You can always negotiate with your landlord, but if this doesn’t work, you want to consider switching to home ownership.

If you’re worried about the expenses, run your numbers and use a home affordability calculator. Only do so, however, if you have no problem settling in one pace.

Switching from renting to buying can seem overwhelming. With enough information about ownership, rewards, and mortgage options, you can navigate this process smoothly. Just be sure to carefully think about your decision and work with the right professionals.