If you have been renting for awhile, it might be desirable to buy a home. In general, renters pay more on rent than buyers do on their mortgages. However, it can be difficult to save for a down payment with high rent payments. So what should you do? Let La Grange IL real estate agent Kate Boyle fill you in.
One of the top factors to consider when deciding when to buy a home is your source of income. Are you hoping to find a job in your field? It might be best to wait awhile. However, if you are putting that degree to work with a company that provides some stability, home ownership might be right for you. There will always be financial demands, however, if your source of income is generally dependable there is more assurance when it comes to handling the financial responsibilities of owning a home. For help finding your next dream home contact La Grange IL real estate agent Kate Boyle.
The Plan Is In Place
If you don’t know where you are headed, how will you know how to get there? In other words, you might be ready to buy a home if you have a good idea of your long term goals. Consider the couple that is married and planning on having children in the next few years. There is a solid source of income and they have saved for a down payment for some time. This is a good basis for buying a home. They know where they would like to be in the next five or ten years. Having a plan is tremendously helpful when buying a home for the first time. Helping buyers as a La Grange IL Realtor includes solid planning.
One last tip regarding when to buy a home has to do with finances. You can get pre-approved for a loan and find out an estimate of the various costs of owning a home. You will need more than just the down payment. There are closing costs, insurance, maintenance costs, and property taxes to name a few. The question is whether or not you are ready and financially able to cover these expenses over an extended period of time. Owning a home is a long-term commitment and needs to be taken seriously. For help buying a home in the Chicago area, contact La Grange IL real estate agent Kate Boyle today!