Are you tired of “throwing away” your money through renting? Do you need more room to grow? Have you been diagnosed with house fever? Then now is the time to buy a home!
OR IS IT?
Through years of working with clients and seeing both success and failures as they navigate the home buying process and its aftermath, we have developed a list of favorable home-buying indicators.
Seven Signs the Time is Right for YOU to Buy a Home:
1. You have at least 20% down payment + cash for move-in expenses and initial improvements (about 4% of FMV).
2. You finance the balance on 15 year (or less) fixed rate mortgage.
3. Your mortgage payment + escrowed taxes/insurance is no more than 25% of take home pay.
4. You have a fully funded Emergency Fund leftover right after closing and moving in.
5. You’ll likely stay in same home for at least seven years.
6. Your prospective home is at or near bottom of price range in neighborhood.
7. You can close in December.
Maybe 2021 won’t be the year you buy a home, but it’s not too early to begin preparing for 2022! We can help you prepare for home-ownership. Contact us to begin your first step out of renting.