“I dream a dream that I am living in my house.” How many times have you said this in a conversation? Yes, there was a time when we could only dream about buying a house! Just the thought of all those expenses would cripple a person and they signed on the lease again.
That white picket fence, a garden full of flowers, a welcome mat outside the front door… can you picture it? What if we told you that it was possible to make your dream come true? You can start jumping in joy now because this is not a drill. We are talking about “what ifs” but a straight-up “yes”!
Before we begin, let us remind you that renting is way more costly than buying a house. The monthly expenses on top of the rent, no personalization, you can never get a dog if the landlord forbids it and the list goes on and on and on. We could have added a couple of more “on” but you get the meaning.
Alright, so here’s the checklist that will help you realize that it’s time to stop renting and finally buy a house:
- You are free of debts
- The landlord keeps increasing the rent every year
- Have plenty of savings and emergency fund to tide you over
- You have a good credit score
- You are familiar with the basic repairs and can do well even more by watching YouTube DIY tutorials
- The apartment you are living in doesn’t fit your wants and needs and anymore
- You just got a promotion and now you have enough money to buy a house
- You are planning on having a family
These are pretty self-explanatory. If you are not tethered to anything in your apartment, then we suggest moving on the next points in the checklist:
- You Have the 20% for the Down Payment
To get a mortgage loan, you need 3.5% of the house’s purchase price, which is called the down payment. So, why is that we are setting the bar high? Well, a 20% down payment gives you a lot of benefits. The lender shows leniency towards you, the seller offers incentives with the house and the negotiations go much smoother. Overall, you more and save a lot more. It’s a win-win situation.
- You Have Plenty of Room for Savings in Your Budget
A house comes with a lot of responsibilities. You can’t just buy a house and call it a day. There are plenty of other expenses that you need to take care of. These expenses are high in the first few months but as you settle down, you get a handle on things are able to save more. Calculate your finances and then make a budget. If your estimates show that you will be able to pay for the bills and other expenses and still have some leftover to save, then you are good to go.
Seems easy, right? Well, your entire decision depends on your finances. So, if you are good at saving and have saved enough then you can definitely buy a house. Go down each point on the checklist to find out what you are lacking and then make your final decision.
This is why you should consult with a Winter Park Realtor on the best course of action and then proceed. Get in touch with a qualified Orlando buyer’s agent by visiting Megan Dowdy Realty. To get in touch with them, call at 407-509-9279.