Buying a house is a big decision. But how do you when it’s time? Are you ready to be a homeowner? Here are 8 signs that you may be ready to buy a house.
If you can consistently pay your rent on time, you can handle paying a mortgage on time. An affordable Habitat mortgage will be no more than 30% of your monthly income. The biggest obstacle for renters is usually not the mortgage but coming up with a hefty down payment. Habitat Orlando and Osceola’s low down payment mortgages remove that obstacle, helping to make homeownership affordable.
With an affordable home mortgage, you’ll never get a rent increase notice. It’s a fixed expense that allows you to lower your cost of living, while increasing your quality of life. The advantages of owning over renting can come in the form of an extra bedroom, increased square footage, or a beautiful backyard.
A stable credit score shows that you are in control of your financial life. Buying a home should be a step up, not a struggle. Habitat Orlando & Osceola’s mentorship program works with applicants to help them achieve greater financial health.
If you’re living in substandard housing – housing not being maintained, or that is overcrowded, temporary, or just too expensive – owning your own home can alleviate all those worries, giving you an affordable and stable place to live.
If you’ve built a life in an area you love, or your plans for career and family will keep you in one place - homeownership is the next logical step. Owning your own home means never having to worry about the landlord selling the property and asking you to leave. Your kids can stay in the same schools, and you can become a member of a neighborhood family.
Rather than paying rent and seeing nothing in return, owning your own home builds equity.
What is equity? It’s the current market value of a home minus mortgage/liens owed. As you pay down the mortgage, your equity grows, meaning more money in your pocket if you sell the home. You can also leverage the equity in your home into a line of credit, giving you access to cash for major expenses like a remodel or college tuition. Later in life, your home can stay in the family as a financial asset and be passed on to the next generation.
Homeownership means no more rules about what you can and can’t do inside your home. Paint the walls any color you want! You can remodel your space if needed. You’ll have your own personal outdoor space as well, not often found in apartments and condos.
Buying your own home provides financial security that renting can’t. It stabilizes your monthly expenses without the worry of a rent increase lurking around every lease renewal. Don't settle, settle down!
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