If you are thinking about becoming a homebuyer, you might have a lot of questions about buying and financing a home. There are many considerations that can help you to decide if renting or buying a home is right for your needs. Trademark Home Buyers can help you with this tough decision.
Renting vs. Buying: Which is right for you?
While you probably know that saving your money on rent to buy a home can lead to lower housing costs overall, you might not be aware of all the costs that are associated with buying a home. You will need to have money for an appraisal as well as a home inspection and many other fees and small charges that come with buying a house.
For some people, it is just not realistic to save 20% of the purchase price of a home that is needed to get a home loan. This can be a really tall order if you are a single-income family or it is just you trying to buy a home alone. For some people, the ability to save that much money would require sacrificing eating and sleeping and all other aspects of good health to try and save the money that is needed for a downpayment.
Your Job Makes You Move A Lot
You might love the idea of having your own home and you might even be able to afford to buy a home when you move into a new area. The trouble with buying a house each time you move for business needs is that this can be hard on your credit if you are always applying for home loans. The other issue is that it takes a long time to secure and finalize a home loan and you might move too frequently for that to make sense for you.
You Have Bad Credit
Being able to buy a home depends on saving up a lot of money for a down payment but it also depends on how good your credit is. If you have really bad credit, you should rent for a while and bring up your overall credit score by making payments toward your debts and using revolving credit reliably. Renting might be temporary for your needs, but this is a good reason to focus on renting for a while.
Find Out if Renting or Buying is Right For You
There is nothing wrong with choosing to be a renter for life, but you could also choose to buy your own home. Both options have merits and you will have to think about your own personal needs before you choose to rent or to buy. Trademark Home Buyers can help you figure out if renting or buying is the right choice for your needs.