If you need assistance, please call 843-779-7350

Eight Signs You're Ready To Stop Renting And Buy A Home

Tuesday, February 25, 2020   /   by Jeremy Feldman

Eight Signs You're Ready To Stop Renting And Buy A Home

Eight Signs You're Ready To Stop Renting And Buy A HomeFor many people, owning a home is seen as a rite of passage. At the same time, purchasing a home is expensive. As a result, many people end up renting for an extended period of time.

Here are a few signs that someone is ready to stop renting and purchase a home.

1. Rental Prices Keep Going Up
Year after year, rental prices are going to keep going up. While the rental company is going to claim that these increases are consistent with the industry, they tend to be exorbitant. As a result, those who are tired of their rent being increased should think about buying property instead.

2. The Credit Score Has Gone Up
Someone's credit score is going to play a major role in the mortgage approval process. Anyone whose credit score has gone up recently should think about buying property.

3. Debt Management Is Second Nature
Before taking out a mortgage, someone is going to have to be good at managing debt. A mortgage is simply another form of debt. It needs to be managed properly.

4. There Is A Liquidity Fund In Place
The cost of owning a home extends far beyond the mortgage. Anyone who is thinking about owning property is going to have to have money set aside to cover additional costs. These include repairs, maintenance, and homeowners' insurance.

5. There Is Money For A Down Payment
There is going to be a large check due upfront. A down payment is essential when it comes to buying a home. In addition, be sure to set aside money for closing costs as well.

6. You're Going To Settle Down
When someone is thinking about buying a home, they need to stay in the same place for an extended period of time. When someone buys and sells homes quickly, they are likely to lose money to closing costs.

7. A Major Life Change Is Happening
Many people elect to buy a home after a major life change. This might come in the form of marriage. This might also come on the back of having kids. These major life changes can trigger someone to settle down and buy a home.

8. Your Vision Of The Future Is Clear
Those who know where their life is headed in the near future are in a great position to buy a home. If the future is clear, you are ready for the responsibilities of homeownership.

Call your trusted real estate professional today to discuss the options for homeownership in your local marketplace.

The Boulevard Company - Lively Charleston
Jeremy Feldman
1007 Johnnie Dodds Boulevard. Suite #110
Mount Pleasant, SC 29464
843-779-7350
Tim Loss
Loan Officer, NMLS# 187037
765 Long Point Road, Suite 101
Mt Pleasant, SC 29464
Branch NMLS# 1594871

broker rec.jpg
Information deemed reliable but not guaranteed. This data is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. Copyright Ā© 2022 Charleston Trident Association of REALTORSĀ®
This site powered by CINC: www.cincpro.com