If you’ve always rented your home, you’ve probably given some thought to whether or not you should be owning a home instead. For most people, moving from a renter to a homeowner is a natural progression and part of their long-term goals.
But how do you know when the timing is right? Here are eight telltale signs you may want to look seriously into home ownership:
1. You’ve sacrificed to save enough for a down payment, moving and closing costs. Let’s be honest, if you haven’t gotten to this point, no situation that follows really matters.
2. You want to decorate your own place in ways your lease simply don’t allow. Want to paint your bedroom in your favorite color? Change out those dated light fixtures? Put new flooring in your foyer? Time to look into getting your own place.
3. You’re tired of your landlord raising your rent. You might be surprised to learn that in many cases, your mortgage payment could be lower than a rent payment on a comparable property. Also, with a fixed rate mortgage, you don’t to have to worry about big fluctuations in your monthly house payment year to year.
4. Your dog deserves a yard. It may sound crazy, but a surprising number of people say that wanting to give their dogs a backyard to play in was the biggest incentive for home ownership.
5. You see your friends becoming homeowners. That whole “pride in home ownership” thing is for real. When your friends are talking excitedly about their new homes, it’s hard not to feel left out.
6. You feel like you are throwing money away. Rather than paying your landlord’s mortgage for them, why not build equity in your own home?
7. Everyone keeps talking about low interest rates. You’re hearing a lot of chatter about low mortgage rates because rates have been at historic lows. Now is the time to take advantage of them.
8. You’re at a good spot in your career. If you’ve established yourself and have a solid career record, now could be the perfect time to qualify for a mortgage and buy your first home.