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3 Tips for Home Renters Wanting to Buy a Home

3 Sep , 2014  

Female Hands With HouseAre you still renting your home? Are you ready to make the commitment to buy a house? Buying a home has many benefits but it is a big step. It’s not something that you want to jump into but when the time is right, it can be very exciting looking for your new home. However, buying is much different from renting, so you need to make sure it’s the right time for you to buy before making a commitment and these 3 tips can help.

Make Sure You’re Ready to Stay in One Place

Before you serious start looking for a home to buy, make sure you’re ready to settle down in one spot. When you rent, you can always pack up and move when the lease ends but when you’re buying a home, it’s more permanent. This doesn’t mean that you can’t sell and move to a new location later but it would be to your advantage to stay in the home for several years before trying to sell.

Selling a home takes time and the market plays a major role in how much your home is worth, so you may have to wait until the market is strong to keep from losing money. You’ll be obligated to stay in the home until you sell it, unless you have the funds to keep up two homes. Therefore, it’s much better to wait until you are sure you’re ready to settle down in one place before buying a home.

Are You Ready for the Commitment

When you’re renting a house and you have a water leak, you call the proprietor and he calls the plumber to take care of the problem. The owner of the home is responsible for all major repairs required to keep the home in good condition and he is the one that must pay the bills.

When you buy a home, this responsibility becomes yours. You will have to make your own repairs or pay a professional service to fix any problems you have. It’s a big change that you need to be prepared for or it could take a toll on your finances.

Set a Budget and Stick with It

Before you go out searching for a home to buy, set a budget and only look for property that falls in your price range. If you’re looking outside of your budget, it’s too easy to be tempted into purchasing a home that you can’t really afford.

Even though you may be able to make the mortgage payments, if something unexpected happens, it would be easy to fall behind. Once you get behind, it’s almost impossible to catch up and a vicious cycle begins that could end in foreclosure.

Buying a home is exciting and has many benefits that you don’t have when renting, provided you are truly ready to take on the responsibility.

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