Are You Ready to Transition from Renting to Buying?

The transition process from renting to owning can be difficult for the prospective homebuyer. Although owning a home offers greater stability and a sense of pride, it’s also a commitment for your future. Here are some factors you should consider before making a major decision to buy.

Time to invest: Buying is a viable option if you’re certain you’ll be staying in the same area for a number of years. If your job requires frequent moves, renting is more appropriate as you have the flexibility of moving at a moment’s notice.

Affordability: Having the financial means to maintain your home is an important aspect of buying. If you calculate spending more than 20-25% of your income on mortgage payments, insurance and taxes, you may not be ready for such an investment at this time.

Life choices: It’s always best to determine the kind of life you want before making a decision to buy. If you’re still in the process of establishing a career, managing your finances and building your life, it may not be your time to buy. 

At Avis Lending, we are happy to help you make a well informed decision about buying. Take time to contact us today. 

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