Have you been renting an apartment for years and have never considered buying a home? There is a myriad of reasons that continuing to rent an apartment is a bad idea. Aside from noisy neighbors, inconvenient inspections, and trouble finding parking, there is a much more important reason to buy. With each passing day, rent becomes more expensive. In some parts of Central Florida, rent can be more expensive than a monthly mortgage, and no equity to show for it in return. If you are renting an apartment, why should you continue to pay for something that you don’t own, with limited space and no yard? When you own, you are investing in your future, when you rent you are wasting money. Maybe you are frightened of the process of getting a mortgage which can understandably be scary to those who have little knowledge.
The Time is Now
If there was ever a better time to own than rent, it’s now. The historical cost of a percentage of income to afford median rent has been steadily climbing, and there are no signs that it will slow down in the foreseeable future. On the other hand, the percentage of income needed to a median mortgage payment is historically has been dropping. You can see why renting is an issue based on these facts. With these rates speeding in opposite directions, why should anyone want to continue renting an apartment rather than own their own home?
It’s All About the Money
From a purely financial perspective, renting makes no sense at all. You may be like many other young professionals who are under the impression that renting a home is too costly, but with the cost of renting climbing to a higher rate than owning a home, it profits a renter to think about changing into a homeowner. Surprisingly home sales have increased during the pandemic, which means these rates could continue to go in opposite directions, or some other factor could cause the market to change quickly and without warning. These reasons are why if you want to buy a home now is the time. Before you decide to renew your apartment lease, you should find out if you qualify for a home loan. If you have money saved, you aren’t deep in debt, and you have a steady income there is a great chance you will be approved for a loan. Check with your bank or a mortgage company to see if you qualify. You may be surprised at how much you will be approved for, and how much less a monthly mortgage payment may be than your rent.
Megan Dowdy Realty Can Help
For the renter who is seeking to purchase their first home, having the right realtor is essential to the process. It would be best if you had someone who is capable of helping you navigate the potential pitfalls of buying your first home. At Megan Dowdy Realty, we are focused on service and can guide you in the right direction. Our team will be there every step of the way with you. So, if you want to stop renting and buy a home, call us or fill out our online contact form. A member of our team will be in contact to discuss purchasing your first home. Don’t waste any more money on rent; get in touch today!
If you are a home buyer and looking for a professional Florida realtor, then visit the website Megan Dowdy Realty. They offer home buying, selling, relocation, and real estate investment services. For further information, call on 407-509-9279.