How to decide if now is the right time to buy a home?

Buying A Home Versus Renting A Home

When it comes to a home you have two options whether to buy or rent.  What is right for one person may not be right for another, which is why it's important to know which is the best option for your individual situation. 

Why Some People Choose To Rent

There are various reasons why someone may either choose or be forced to rent.  Their income may be unpredictable, or they may have to relocate for work on a regular basis. They may be unable to save enough money for the down payment required to buy a home.

Maintenance Matters

Another consideration when choosing whether to rent or buy is maintenance and repair issues.  When you rent, the property owner is responsible for repairs and it may not always be obvious that these issues can be costly.

How To Know When It's Time To Buy

If you have steady employment and income, a good credit history and proof of adequate savings it may be time to consider buying a home instead of renting.  In many cases, the cost of rent can exceed that of a typical mortgage payment. When thinking about buying, job stability is a big factor you may want to consider before making the decision to make a purchase.

Home Buyer's Checklist 

In addition to any current monthly outgoings can you afford a monthly mortgage payment as well as property taxes and insurance?

Do you have the necessary time at present to devote to shopping for a home and comparing interest rates from various lenders to get the best mortgage for you?

The Final Decision

The final decision to buy or rent is a very personal one that can only be determined after a careful evaluation of your situation.  An estate agent can show you the perfect home and a 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 that move. 

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