Is It Time to Become a Homeowner?

Dated: August 19 2020

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Should you buy a home or keep renting?

Many homebuyers will tell you that there’s nothing quite like owning your own home. Still not sure if you’re ready to be a homeowner? Here are 5 signs that it’s time to take the leap and buy a home. 

1. You have a good credit score

This is one of the most important factors when it comes to becoming a homeowner. In order to even take the first step towards homeownership, you’ll need to have a strong credit score. A good FICO credit score is typically about 670. With a score in this range, lenders will view you as low risk for defaulting on loans, which makes you a great candidate for a mortgage.

2. You have enough money for a down payment

The majority of home sales require a down payment. Your loan type will play a huge factor in the requirements when it comes to your down payment, but that payment can range from 5% to 30% of the cost of your new home. There are many programs and FHA loans that assist new qualifying buyers when it comes to these costs.

3. You hace money saved in an account

Aside from the large expense of actually buying a home, a lot of other, often unexpected expenses creep up when you’re moving into your new house. Closing costs for one tend to amount to an additional 2-5 percent of your homes sale price, which is then split between the buyer and the seller at closing. 

4. Your debts is under control

Contrary to popular belief, it is okay to have debt. About 300 million Americans are in debt. That doesn’t mean you can’t build equity and buy a home. What it does mean, is that you have to have to have a handle on your debt. If you have a clear payment plan with an end date in view, then homeownership may be right up your alley. 

5. The timing is right

There is no rush when it comes to buying a home. You want to be sure that it’s exactly what you want, where you want, and the price you want. The housing market is ever changing, so keep a close eye on the market, chat with your realtor and determine when the best time is to start the homebuying process. 

Final Thoughts

Although renting is great for short-term living, ownership could allow you to build up valuable equity, so long as you stay put.As a homeowner, you have freedom to renovate or decorate however you like without a landlord’s permission.If homeownership sounds best for you , it might be time to ready a down payment and contact me as your real estate agent.

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Pilar Ehlers

Pilar Ehlers is a full-time professional real estate agent with Home Miami, LLC Realtors, and has been a realtor since 2006. Pilar has lived in Miami since 2000, You will feel at ease with her profess....

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