Are you ready to make that leap from living at home or renting to owning a home of your own in Arizona? While everyone moves at their own pace, here are 4 signs that you can use to determine if it is time to own your own home. Let’s take a look at some of the reasons you can use to justify your decision as a first time buyer.
1) You’re Going to Stick Around
If you plan on moving soon for a job or think that you won’t be in town much longer, it may be better to rent. However, if you are thinking about living in the same town or within the Phoenix metro area for years to come, it is time to put down roots. The stability that comes with home ownership may make you more prepared for a marriage and/or a family if that is something that you want for your future. The equity that you build in your home can help you build wealth for the future if and when you want to retire.
2) You Are Spending More Time Watching Television Shows Related to Home Ownership
You may have caught yourself recently watching shows revolving around people or couples who are looking for homes. Or binge watching HGTV shows dedicated to giving tips as to how you can upgrade your home. If you watch these shows frequently, it may be a sign that you are ready to move out on your own and take on the exciting challenge of being a homeowner.
3) You Have a Steady Job
Those who have a steady job and know that they have a stable salary may want to make the move to home ownership (and quit paying someone else’s mortgage). As long as there aren’t any other major debts eating into your income, you might be able to handle a mortgage and other costs associated with home ownership. There are often tax benefits to home ownership as well as the fact that your home may also make a great rental property in the future, which can help you diversify your portfolio and keep you solvent for years to come.
4) You’ve Got Money Saved Up & a Decent Credit Score
Its official, you’re an adult, thinking about adult things. You’ve raised your credit score, and have been setting aside bits of your income for a rainy day or in anticipation of “one day” buying a house. You’ll need some funds for a down payment, closing costs and you know, furnishings for that new home. And even if the savings account isn’t very large, a mortgage lender can assist you in finding just the right loan program to fit your needs.
Are you ready to be a homeowner in the near future? Only you can say for sure if it is time to make that leap. However, those who are looking for a long-term housing solution may be ready to make that move. For more information, it may be worthwhile to talk to a real estate agent today. Contact us to learn more about how our team can help you move into your first dream home!
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