With mortgage rates at an all time low and the stock of available homes at an all time high, it seems smart to get into the real estate game. First time buyers are getting great deals in previously unattainable neighborhoods, making the American dream of owning your own home more appealing than ever to some people. It also is a great deduction at tax preparation time.
So how do you know if it’s time to jump into the world of real estate? Read on to discover 5 ways to know if you’re ready to buy a house.
1. You’re getting older and would like to put down roots
One of the biggest complaints amongst renters is that they don’t feel like a permanent part of the community. Renting makes it easy to pull up roots and move on a moment’s notice. Owning a home gives you an investment in your town’s future and makes it more likely that you’re going to stick around for a while.
You not only invest in your community, but you are investing in the property you are buying. Whatever the sale price, you are betting that you will either live the rest of your life in that home or sell it for more than you paid. By utilizing the services of experienced contractors, you can make numerous improvements to your home. They’ll benefit you in the short-term while you’re living in the home and down the road when you sell for a profit.
Buying real estate makes some people feel like they finally have a home base, rather than just somewhere to hold their stuff on the way to their next stop.
2. You feel like you’re throwing money away
If you rent an apartment for 30 years, what will you have at the end of that period? Probably not somewhere that you can call your own. Every year that you spend renting is one year you could have paid down your mortgage. If throwing money towards someone else’s bills no longer seems appealing to you, you might be ready to buy a house.
3. You have saved a nice amount of money
Buying a house requires a little something called a down payment. You can’t buy if you don’t have any up front cash, so for many people reaching a savings goal is the signal that it’s time to throw their hat into the real estate market. If you’ve scrimped and saved for a few years, you might have enough to finally enter into home ownership.
4. Your family is growing
One thing is sure about renting a home. The more kids you have, the more rooms you’ll need. The more rooms you need, the harder it is going to be to find a place in your price range. Owning a home is the only option for some families who have outgrown the rental market in their towns. Buying when you’re expecting will allow you to set up house and get the move done before the newest addition comes, which will reduce stress significantly.
5. You’ve always wanted a dog/cat/gold fish
Renters have less opportunities to own pets. For people who have always wanted a large dog, or an aquarium full of exotic fish, home ownership is not only putting a roof over your own head, it’s also allowing you to welcome a new member into your family. Many apartments won’t even allow pets, so buying a home becomes an even bigger priority.
If any of these 5 things apply to you, you may be ready to own your own home. Take the plunge into the real estate market today and find the starter home of your dreams. The deals are abundant, so take advantage of current market conditions to get more home for your dollar.