A Pocket Guide for Renters Curious about Owning
Serial renters: If you’re finding yourself daydreaming about having a home that is truly your own, here are a few brain ticklers to mull over.
Rather than a guide to buying your first home, consider this a guide to considering your next move. And when you’re ready, contact us to begin strategizing!
1. Estimate financial feasibility online
Use a rent vs. buy calculator to estimate which decision can give you more bang for your buck based on your desired home price and/or monthly rate and your expected length of residency. Realtor.com offers a free and easy-to-navigate online calculator to tickle your curiosity.
2. Know what you’re in for
What responsibilities can you expect throughout the homebuying process? Refer to our handy first time buyers’ guide to review creditworthiness, affordability, financing and more. If you are in a state of financial limbo (for instance, maybe you’re a millennial in the early stages of your career… and your projected salary range), or if you are not ready to commit to a semi-permanent living situation, do your research to inform your option-weighing process.
3. Weigh any restrictions
Perhaps you’re eager to add a furry member to your family, but your landlord forbids pets in the building. Maybe you feel boxed in and are itching for some backyard space, or are sick of sharing common areas such as a community rooftop or balcony. If buying appears to be a real option for you, perhaps the greatest perk to owning your own home is the most obvious: you’re the king or queen of the castle! Of course, with great power comes great responsibility.
4. Talk to a broker
Chances are you’ll need a boost when it comes to making one of the biggest purchases of your life. This is where your mortgage steps into play. However, securing a reasonable rate and configuring the terms of your loan can be a daunting task. Whether you’re ready to take the leap from lease to long-term, or are looking to define or demystify the mortgage, start by requesting a no-obligation quote. Once you know where your potential rate stands, you’ll be better able to determine whether to move forward or press pause — and either way, Seattle Mortgage Planners is prepared to help when the timing is right.