Do you dread parting with your hard-earned money on the first of each month, even if it is to keep a roof over your head? This is a common feeling for a lot of renters who understand that their rent money isn’t earning them any equity at the end of the day. Whether or not it makes more sense financially and emotionally to ditch the rent payment and become a homeowner is a debate that could go on and on forever. In reality, it’s up to each individual and their specific situation to decide what’s right for them, but here are a few clues that might help you recognize if you’re in a spot where buying Redding realty would be better than renting.
You Find a Mortgage That’s Cheaper Than Your Rent
If you have even an inkling that you might be ready to become a homeowner, it doesn’t hurt to start looking at properties in your area to get an idea of what’s available, and more importantly, to start pricing the kinds of homes you might be interested in. This will give you a good indication of whether or not there’s anything you can get that would be within your price range and monthly budget. Oftentimes, people find during their research that there are homes on the market with mortgage payments that they can not only afford, but are actually cheaper than their rent.
You Don’t Shudder at the Thought of Home Maintenance and Improvements
One of the main arguments many have for continuing to rent is that they don’t have to pay for or deal with the responsibilities of homeownership, like routine maintenance and periodic improvements. However, if the thought of fixing things around the house doesn’t bother you but instead it actually excites you to be able to decorate how you want and add the features you’ve always desired, and you have the funds to make repairs and minor renovations as needed, then this is one less thing holding you back from moving forward as a buyer.
Your Family Has Outgrown Rental Properties
A growing family is as good a reason as any to begin a new chapter in your life and buy realty. Whether you need more space than rentals in your area can accommodate or you want to be surrounded by a better neighborhood and schools, making a real estate investment can be just the move your family needs to really be comfortable and feel secure in what the next few years hold.
You Know You’re Ready to Settle Down
When you’re younger, it’s natural to be hesitant about settling down in an area until you have a stable job and/or a family to think about. Once you know you’re somewhere you plan to be for the foreseeable future, it’s an excellent time to begin thinking about the possibility of homeownership. You should look at real estate as a long term investment and not something you purchase on a whim or just because everyone else is doing it.
If you relate to the circumstances mentioned above and feel like you’re throwing money away every month when you pay your rent, it’s probably time to start looking at your options for investing in Redding realty.