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How to Know You’re Ready to Stop Renting and Buy a House

How to Know You’re Ready to Stop Renting and Buy a House

At some point in our lives, most of us will move from being renters to becoming homeowners. The real question is, how do we know when it’s a good time to start the process of becoming a homeowner? If you’re not sure whether or not you’re ready to take that leap, take a look at the list we’ve compiled to help you decide.

You Have a Stable Job
One of the key indicators to help your decision is having steady employment. Having a stable, reliable job for at least two years helps mortgage companies know you’ll most likely have the funds to be able to pay them back.

Your Budget Allows for Savings
A steady paycheck coupled with manageable debt that still allows for savings, can definitely help in purchasing a home. Securing a savings account and knowing you can comfortably continue to make it grow can certainly help once it’s time to take the leap.

You’re Ready to Settle Down
Perhaps one of the initial attractions of renting is the ability to easily move locations every 12 months or so. Before you’re ready to purchase a home, you need to make sure you are ready to take the steps into settling down into one particular area for the foreseeable future. If you still see yourself facing some drastic changes within the next 5 years, it may be better to continue renting.

At MGR, we know taking the decision to buy a home may seem intimidating, but our team is here to help you once you come to this decision. Contact any one of our agents today to assist you through this lifestyle change once you’re ready.

 

By |2020-05-26T23:58:53-07:00June 16th, 2020|Real Estate Tips & Tricks|0 Comments

About the Author:

The MGR Review is designed to bring you the top news and tips regarding property management and real estate in Southern California. Our near forty years of experience in these industries give us a keen insight on how best to succeed. Let us know if there is a topic you would like us to discuss!