Knowing when it’s the right time to buy a house can be tough, and there’s no single correct answer. Everyone’s personal experiences are different and the only person who will know it’s right is you. These are all the anecdotes you’re probably expecting to hear from us, right? Well there’s a little more help on the way! There are a couple tell-tale signs you might be ready to buy a house.
You’re Tired Of Paying Someone Else’s Mortgage
Paying rent is essentially paying for someone else’s mortgage. For some, this fact is a small price to pay for mobility. When you’re renting, you’re basically free to relocate anytime you want. Some people like this flexibility. They want to move towns or neighborhoods frequently. However, if that’s not you and you’re looking for a little more long-term commitment, buying offers something rent doesn’t – equity. While renters are paying the same amount, or many times MORE, than you are on your mortgage you’re building some personal wealth. You may not be able to flip the switch and move quickly, or liquidate that wealth as fast as other options, but it’s generally much safer than other forms of investment. Many consider home ownership a natural first step ion building your personal wealth.
You’re Making More Every Year
If your income has increased, buying a home could be a perfect fit for you. It’s a great opportunity to make a smart investment. Whether you’re looking to live in your investment or start your portfolio of rental properties, your increasing income could be telling you to start the search!