6 Questions That Answer “Should I Buy My First Home?”

California Real Estate Podcast with Andrea Manroe

It is time to buy your first home or continue to rent? I’ll help you answer that today.
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When deciding between buying your first home or continuing to rent, there are six questions you need to ask yourself.
1. Are you financially ready? You’ll need money for a down payment and for closing costs, so you need to make sure that is set aside. It’s also a good idea to take a look at your credit score. Homebuyers can get loans with scores as low 620, but a score of more than 700 will get you the best rates.
2. Are you prepared to make compromises? When buying your first home, you might not be able to afford to live in your dream neighborhood or get the optimal amount of space. You need to be ready to look at different neighborhoods and compromise on space.

3. Are you emotionally ready? Homeownership is very different than renting. If problems arise, they are your responsibility. Several things can pile up all at once that require your attention and finances. Make sure you’re ready to handle the stress.

4. Will owning pay off in the long run? The good news is your mortgage payment might be less than your rent, but even if it isn’t, you’ll be building your wealth in the long run instead of your landlord’s.

You need to be ready to look at different neighborhoods and compromise on space.

5. Have you outgrown renting? If your family is growing and you need more space, upgrading to a larger rental might not be in your budget. Instead, you can purchase a home that has the space you need.

6. Has your income increased? If you’ve recently seen an increase in your income, buying is a great option for a tax shelter.
If you are looking to buy or sell a home or if you have any other questions, please don’t hesitate to give me a call or send me an email. I’m always happy to help!