Have you been thinking about buying a house lately?
If the possibility of becoming a homeowner excites you then it’s safe to say that you are on the right path.
Becoming a homeowner always starts with a thought which can quickly turn into reality.
If you find yourself doing these 5 key things then it would be in your best interest to talk to a mortgage lender ASAP!
Owning Real Estate is one of the soundest investments known to mankind.
By deciding to become a homeowner not only do you get to have your cake you get to eat it too by enjoying all the tax and financial benefits of owning property,
If building equity and having a place to call your own sounds like music to your ears then keep reading to find out what your next step should be.
5 Signs You’re Ready to Buy a House
1. Your Rent is the Same Amount or More than What You Would Pay on a Mortgage.
Why would you continue to pay your landlord rent that’s equivalent and sometimes more than what you would pay towards a mortgage? I’m assuming that you really like throwing money away. Seriously. If you are paying down a mortgage versus renting you may be able to recoup some of your money when or if you decided to sell later for a profit. When you pay rent, your money is gone forever.
2.You Need More Space
You’re running out of room in your apartment with your hobbies, children and pets. You need a space to call your own and the ability to add more storage or rooms if needed. On the other hand, If you are renting your space is extremely limited. If you want more room, you may have to wait until the end of your lease or move to another apartment just to get the extra space that you need.
3.You Do Not Plan to Move Anytime Soon
If you really enjoy the city that you’re living in and you can see yourself staying there for a while then it might be time to put down your roots and think about long term homeownership. Studies have shown several times over that buying usually beats renting in the long run.
4.You Want to Make Extra Money
With homeownership, you have several ways to make extra money which includes renting out available rooms, the entire property and sometimes the surrounding land and air space. If you live in a popular area, it is almost guaranteed that if you buy a house now you will be able to sell for profit in the future. Another great option to make extra cash as a homeowner is to purchase a house that’s a “fixer-upper”, make the required repairs and put it back on the market aka Real Estate Investing.
5.You Have an Emergency Fund or Solid Savings in Place
With homeownership comes responsibility. It is highly recommended that you have an emergency fund or solid savings in place before buying. Why? Because things happen! It’s always best to plan for the worst, so having a little cushion in the bank can help out with any unexpected expenses.
Need ideas on how to save more money? Read this post where I share how I saved $15,000 in less than a year! It’s a lot easier than you may think.
These 5 signs among many others are good indicators that you are ready to buy a house. There will be no time more perfect than today on becoming a homeowner. If you make the decision now, you’re future equity will thank you.
Curious to find out how to buy your first house with low or no money down? Click here!
Are you ready to buy a house? Let’s talk about it! Please leave a comment below.
Alexandria VA Homes for Sale– Lisa Washington, Your Real Estate Consultant & Friend
I specialize in listing and selling Real Estate in Alexandria, Springfield, Lorton, Fairfax and Woodbridge, VA. I am dedicated to making sure you are the most informed and educated consumer in the Real Estate market. Ready to Buy or Sell? Give me a call or text at (202)999-8166.