At some point as you’re writing out your rent check, you get to the point where you look at the amount and think to yourself – at this rate, I could BUY a house. If you’re fed up with paying rent every month that’s high enough to finance a mortgage, it may be time to take a serious look at what it would take for you to get a mortgage loan and buy a home of your own. How do you know if it’s time to stop renting and time to start investing your monthly payment in a house of your own?
1. Are you planning to stay put in the area?
The first question to ask yourself is how long you are planning to stay in your new home. If the answer is ‘less than two years’, then it may be to your advantage to continue renting for a while longer – and use the time to build up your credit more strongly.
If, on the other hand, you’re planning to stay in one residence for more than a few years, buying makes more sense. Owning a home puts down roots, and makes you a more stable member of the community. It also makes more financial sense to buy if you’re going to hold onto the property for more than two years. Unless you...
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