Are you renting a property? Do you feel that you would like to buy a home but feel scared of the commitment too? Maybe you are not sure what your credit score is like and maybe even too scared to commit to that mortgage repayment. Let me help you with some logical steps to keep you moving forward.


Someone is enjoying your Rent

Renting a Home

When you rent a property you are paying off someone else's mortgage. You may even be paying more than you would to rent the property than if you were paying off your own mortgage. You still have to pay the utilities for the property, the maintenance and upkeep of the garden and it's like owning a home, except when something goes wrong, you call the landlord and he repairs the problem. You still have to meet the repair person, the landlord pays the bill - right? Wrong... here's why!

If you were paying more rent on a home than you would to purchase a similar one, you are already paying the financial buffer to the landlord for repairs that he may need to do. Technically, you ARE paying for the repair that happens once or twice a year, its just padded into your monthly rental obligation.

Flexibility to Move

When you commit to a rental, you know its a short time thing. You have the flexibility to move anytime you want within the scope of the rental contract. In the back of your mind, you are not going to be staying long, so there is no need to put down roots. 

The truth is, you do loose the flexibility to just move, when you become a homeowner. However the lovely thing about owning a home is that you become entrenched in your community, develop friendships and have a sense of belonging. You put down your roots when you become a proud homeowner and your neighborhood and your home becomes more than just a place to sleep in - you begin to live in it.

Responsibility

Your home that you purchase does becomes your responsibility. The great thing about when you buy a home, you get to have a home inspection done, which gives you a good idea of the issues with the property. If there are too many issues with the property you can choose to go ahead with a transaction or you opt out and find another one, depending on the clauses in your real estate contract. You can add a Home Warranty which protects you against the big items that may break in the first year of ownership and so you can have peace of mind while owning your own home.

Know Your Expenditure

Make a list of all the money that you owe, all your debts. What other monthly commitments do you have each month? Add them to your list.  Decide how much you are comfortable paying out each month on a mortgage without compromising your lifestyle and then you will be ready to go and see a mortgage lender.

So How Much Home Can You Afford?

It is a great idea to meet with a Mortgage broker and find out just how much you qualify to buy for and how much the repayment would be monthly. Take a look at your budget and decide if the monthly payment would fit in with your lifestyle. Once you have met with the lender and happy with the figures then proceed to get a pre-approval for the loan amount you are happy with.

Interview a Few Real Estate Agents

If you have a real estate agent you can work with, wonderful. If not, its a great idea to interview a few to find the perfect person to work with you to find you the best home for your budget. An agent with experience will guide you through the buying and selling process and give you great advice along the way.

My name is Susan Johnson. I have many years experience in Real Estate. I'd love to meet with you to discuss your needs and wants, the areas you wish to live in and then to work with you to find the best deal for you. Call me - 704-439-5350 or email Susan@HomeCarolinas.com

#WhyRentWhenYouCanOwn #BuyAHome

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