Are You Ready To Take The Leap? 5 Signs You’re Ready To Be A Homeowner
For many millennials, home ownership can feel like a loaded topic. We have all seen countless articles reminding us that millennials have lower home ownership rates than previous generations. Yet that statistic is finally starting to change as our generation enters prime home buying age. As a recent article in The New York Times captured, the desire for home ownership is there, and while the prospect may seem daunting, identifying that you’re ready can help you get started on your journey.
Below are five signs you may be ready for this exciting step!
1. You’d like more autonomy over your living space
Are you sick of rental apartment carpets and shared spaces? Are you dying to paint your walls, finally? Our homes are our sanctuaries and creating an environment more suited to your tastes can be highly gratifying and improve your quality of life.
2. You have been working on your credit
Having good credit can ease your home buying process. While there are a range of mortgage options available for first-time buyers, it is typical that the better your credit score, the better the deal you can get. If you’re feeling ready to transition to home ownership, improving your credit score can be a great first step.
3. You know you want to stay in a particular area for at least a few years
Home ownership encourages us to build roots in our communities. If you’ve found your special corner of the world in the Baltimore metro area, home ownership can be a great way to ensure you can stay in the neighborhood that you love and develop more meaningful investments in the place you live.
4. You are tired of paying rent
While purchasing a home may seem scary, renting has its own challenges. Rent is often expensive, and only increasing in most US metro areas. Not only that, but there is the instability that comes with renting like inattentive landlords, changes in property owners, and the constant moving. All the while, you are not building wealth for yourself. Home ownership, when done responsibly, is a great way to provide more stability and contribute to building your future in the process. It’s also a hedge against inflation, since your interest rate can be locked in, keeping your payment the same for years to come.
5. You are ready to save
There are indeed more upfront costs associated with buying a home than renting and saving money will be an essential part of your preparations. The steps to homebuying may seem overwhelming or out-of-reach, but a realtor will be able to help you navigate these waters. From learning about grants for home buying to tax incentives in specific neighborhoods, purchasing a home is likely more attainable than you imagined.
If this list sounds like you, you may be ready to start the homebuying process. Just take a deep breath and remember to take it one step at a time. I’m here to help you come up with a plan when you’re ready. Just reach out to me through my website or give me a call at (302) 545-8569. You can do this!