How to Tell When You’re Ready to Stop Renting and Buy a Home

Published On: July 3, 2017|Categories: Charlotte lifestyle real estate blog, Home Buying|Tags: Buying a Home, Renting|

Everyone wonders when they should make the transition from renting to buying. Whether you’re considering taking the leap to buying your first place or you’re completely sold on owning instead of renting, here are four signs that indicate you’re ready to stop renting and buy a home.

You’re in a Good Place Financially

This may be one of the biggest deciding factors. If you have good credit and some savings built up for a down payment then it’s a good time to purchase a house in this case. In most cases all that’s needed is a 3.5 percent down payment. But there are numerous down payment resources for Charlotte area first-time buyers, and in some cases, no down payment is needed at all if you have at least a 680 credit score.

You Don’t Mind the Responsibilities Associated With Owning

If you enjoy yard work, gardening and making small repairs around the house, then homeownership may make sense for you. These increased responsibilities take up a lot of time and money, but if you like these tasks or at the very least are ready for more home maintenance to-dos, then owning a home is the natural next step. In addition, having working knowledge of how to fix and maintain basic things (or at least knowing where to find the answers) is a big plus as well.

Your Current Rental Doesn’t Fit Your Needs (or All Your Belongings)

If you feel like the walls are closing in and that your living space just isn’t quite large enough, it’s time to make the leap and purchase a house. If you’re renting a self-storage facility, you’ll be able to clear the unit out when you buy a house, and you’ll save money on monthly storage fees too.

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