When It Comes To A Home, You Have Two Options Buy or Rent
What is right for one person may not be right for you, which is why it's important to know which is the best option for your situation.
When To Know If It Is Time To Buy
If you have steady income with a good employment history, can provide a down payment of at least 5-10 percent of the purchase price & are current with all debts, it may be time to consider buying a home instead of renting. In some cases, depending where you live the cost of rent may be greater than that of a typical mortgage payment.
When deciding to buy, job stability is a big factor. If your job does not require frequent relocation & you plan to live in the home for at least 5 years, you may want to consider buying now. If you need to relocate after that, you may have enough equity from the sale to use as a down payment on another home.
Home Buyer's Readiness Checklist
If you can answer yes to the following questions, you may be ready to buy your first home. A Realtor can help you to find the perfect home based on your individual needs.
Have you been steadily employed for at least one year, but preferably two years?
Do you plan to live in the home long enough to build equity?
Can you provide a down payment & still have enough money left to pay for closing costs, utilities and home furnishings?
Are you current on all debts, including auto loans,student loans, credit cards, etc.?
In addition to any current debts that you may have, can you afford a monthly mortgage payment which will include property taxes and insurance?
Do you have the time to devote to shopping for a home & applying for a mortgage?
Have you checked your credit reports for inaccuracies & disputed anything that needs correction with each of the three major credit reporting agencies?
The decision to buy or rent is a very personal one that can only be determined after a careful evaluation of your situation. A Realtor can help show you the perfect home & a mortgage lender can tell you whether or not you can afford it, but it's up to you to make the choice as to whether or not you are ready to make the move. I'm here to help you when you are ready!
Joan Congilose, Broker/ Sales Associate
Century 21 Action Plus Realty
Call or e-mail me Office (732) 462-9510 Cell (732) 232-5277