If you are a renter who is thinking about becoming a homeowner, you might be wondering when it is the right time to move forward. Buying a house is a big deal, and there is a lot to the process, so it is natural to have questions. For this reason, we have put together some basic signs that indicate it is time for you to make the leap!
1. You Are Ready To Be An Owner
The biggest sign to stop renting and get a home is your determination. Although buying a home comes with challenges, if the desire is there, it should not be discounted. Many people have very good reasons for why they would like to own a home rather than rent. At the same time, buying a home comes with challenges, so it may be a good idea to take some time to define your homeownership goals clearly. Some of the reasons you may want to own a home rather than rent are having a permanent place to put down roots, developing an investment property, or just freeing yourself from paying another person’s mortgage. The real key is your conviction and passion.
2. You Need More Space, Flexibility, and Freedom
A huge advantage of owning your own home is having space. Imagine no longer dealing with cramped rental spaces and noisy neighbors in the unit or property next to yours. Understandably, noisy neighbors are everywhere, and it is possible to run into them as a homeowner too. Still, with home-owning, you have the advantage of picking and choosing your locations and finding ones that work best for you. This undoubtedly beats the uncertain game that renters play, in which they hope and pray their landlords pick the right neighbors.
Furthermore, unlike an apartment or a rental property, you can do what you want to with your own home—repaint rooms, build add-ons, or even rent out a room to someone else if you so choose. Owning a home gives you freedom and flexibility, both of which are invaluable. If you have just gotten married or have kids on the way, then space, flexibility, and freedom may be extremely important features for you.
3. Market Conditions Are Right
Believe it or not, owning a home is sometimes cheaper than renting! With rising rental costs in major metropolitan areas, getting an affordable mortgage that allows you to build value is something to consider. While it is true that, on average, owning a home is more expensive than renting, there are exceptions to this rule, especially if you are willing to relocate or find a fixer-upper. With enough effort and research, you can find amazing deals that get you out of the rental cycle! Check out this article by CNBC called “Here’s where owning a home is cheaper than renting one.” They analyzed 50 metropolitan areas to find where owning a home is cheaper than renting or is roughly the same price. Hint: Look in the Midwest and the South!
If you would like our help finding amazing deals, we can help you as well! Give us a call at 702-545-0020, and let us talk over your ideas and options.
4. You Want To Build Equity Or Invest
Unlike renting, home-owning has the potential to build equity. Find an area where the housing market is growing, and prices are rising, and if you get in early enough, your home can really pay off long-term. Renters do not have the same long-term investment opportunities. In fact, a hot housing market for renters sometimes means getting hit with higher rent.
Owning a home means you can invest rather than just manage circumstances.
One example is investing in property, which, when done in the right way, can be great. Hunting and farming leases are common, although a lot of people just hold onto their property and wait for the value to go up.
5. You Have A Specific Neighborhood In Mind
Many people looking to own homes do so because they have an ideal location that they absolutely cannot live without. If you are in the Las Vegas area and have pinpointed where you would like to live (or even if you have not), we would love to speak with you. We have an expert team of realtors dedicated to finding you the home of your dreams.