2020-10-26
9 Signs You’re Ready to Stop Renting and Buy Your First Place

 

 

9 Signs You’re Ready to Stop Renting and Buy Your First Place

 
 
 
 

 
 
 
 
 

Do you dream of a future with a yard and a white picket fence? One where you’re not writing away 30 percent of your salary to your landlord every month? Being able to buy a home is a big part of what we’re sold as “The American Dream,” but it’s not for everyone.

 

This isn’t a checklist, and these things certainly aren’t requirements for your first foray into real estate. But if you can say “yes” to more than a few items on the list, it’s a good indicator that buying might be a solid next step for you.

 

 

 
 

1. You’re out of debt.

2. You have an emergency fund saved up.

3. You have a down payment saved up.

The minimum for an FHA loan is 3.5 percent of the purchase price. More than 5 percent will get you into a fixed-rate conventional loan (where you pay private mortgage insurance monthly). And if you can manage 20 percent, you’re in the very best shape to avoid fees altogether.

 

4. You have good credit.

 

5. You own a basic set of tools and know how to make small repairs.

6. Your current apartment doesn’t fit your needs.

7. Buying is a better deal for you where you live.

The New York Times has a great tool on weighing your buying vs. renting options.

 

 

 
 
8. You love your city, and know you’ll stay there for at least 5 years.

Selling a home is sometimes just as costly as buying one.

 

9. You want this home for the life you have now.

Don’t feel like you have to buy a home for some hypothetical future time when you get married and have 2.5 kids.

 

 

 

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Salt Lake Real Estate

lindasecrist.com

Linda Secrist’s Salt Lake City Real Estate Home Page • Salt Lake City Real Estate • Draper Real Estate • Holladay Real Estate • Sandy Real Estate • South Jordan Utah Real Estate • Salt Lake City’s Top Real Estate Agent

 

Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2019! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!

 
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