Are you renting a home now? With lots of homes for sale in your vicinity, I am sure you can avail one for your family. So, what are you waiting for, pick one and be a homeowner! However, buying a home can be difficult as well. If you think your finances are ready for this big project, then you can now say goodbye to your landlord. Here are the top reasons why you should buy a home and stop renting. I hope that these reasons below can help in your decision.
- Consider the interest rate
The interest rate of renting today is getting higher. With this reason, people prefer to buy a home instead of renting. Aside from this reason, there are lots of repossessed houses around that push some renters to decide to get a home. In fact, there are reports that rental prices will continue to increase.
- Don’t waste your money for the rentals
Paying monthly rentals, only means that you are helping your landlord to build the equity. And after all, you do not see your money after you move in and you are only paying the mortgage of your landlord each month. So, why not invest your money for your own home? Make up your mind now if you want to stop renting and become a homeowner. You need only to increase your credit score if you want to become qualified for the mortgage loan. Aside from increasing your credit score, have a savings as well. Savings can be used as your down payment later on.
- Having a home can build equity
If you have a home, you can build equity and you are not building your landlord’s equity. How to compute the equity? You can compute your equity by getting the difference between the value of your home and the amount of money you get from the lending company. The equity starts to build when you start paying the down payment of the loan. This simply means that you can get more money if your home got more equity.
- It is easy to qualify for a home loan
Yes, it is very easy to qualify for a mortgage. This can be easily done if you have a good credit score and have enough monthly income. This means you need to have a stable job that could pay for the monthly payment. Do not waste your money in paying for the rentals every month since buying a home is not always difficult. This can be hard if you are not financially stable and unprepared.
There are so many people that can help and guide you during the home buying process. You need to hire a reliable and legit broker to help you in processing the documents. The first step to become a homeowner is to apply for a mortgage.
- The freedom to decorate your home
If you have your home, you have the freedom to decorate and fix it. You can buy home accessories and you can apply any theme in your room. However, if you are renting, your landlord controls everything. You need to ask for permission if you can decorate the home or not.
There are many things that you can enjoy if you have a home. So, why not enjoy today? Be a homeowner!