There comes a point in everyone's lives when they ask themselves the question: "Should I continue renting or should I go ahead and try to buy a house?"
It's both scary and fun to envision a future in a place you can truly call "home".
As you prepare for your next steps, start by asking yourself these four questions.
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- What is the financial difference? Buying a home usually requires more upfront capital, more ongoing expenses and a longer term commitment than renting. Run your own numbers first, and then meet with a qualified professional to find out exactly where you stand and what short and long-term strategies will be best for your circumstances.
- How can I make sure that buying a home will work with my budget? Run different scenarios and play with the numbers. Take these factors into consideration:
- The down payment amount and strategy
- Amount of your monthly payments
- Your new home’s price range
- How will this financial decision impact my life? Look at your entire financial situation. You will want to look at where you are right now, as well as future expenses down the road such as:
- Children’s college funding
- Retirement planning
- Taking care of elderly parents
- Other large financial purchases or commitments
- What strategy will result in less overall financial risk? Your mortgage will probably be your single-largest debt; and your home is most likely going to be your single largest investment. That’s why it's important to evaluate and compare your options with a Certified Mortgage Planning Specialist.
Interested? Contact me at (707) 763-6290 or email me at js@emortgages.com so we can get started.
