When to Stop Renting and Start the Buying Process

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When to Stop Renting and Start the Buying Process

Posted by HomeHunt on September 10, 2021
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When Should You Start the Buying Process?

Many renters struggle with when to start the buying process for a home. Renting comes with its perks, such as being easy, flexible, and financially secure. When you rent a space, you do not have to worry about big repair bills or fixing issues that may go wrong. You can also move at any time and are not at risk of foreclosure. Due to the simplicity of renting, most people prefer it to homeownership.

You may be wondering why you should start the buying process if you are happy with your rental? Well, everyone’s situation is different but there are many reasons why you should stop renting and start buying. Our team at HomeHunt has put together a list of the top five reasons why now may be a great time to buy a home.

You Have Enough Money Saved for a Down Payment

Many renters struggle with the idea of home buying because of the down payment they will have to pay to secure a home. When you begin renting, start saving for your future home so you have money for a down payment when the time comes. Once you have enough money saved, you can start the buying process. Depending on the type of mortgage you choose, you could need between a 3% to 20% down payment. If you saved a good amount of money during your rental period, it is time to start looking at houses.

You Feel Ready to Settle Down

Renting is a great option for young professionals because of the short-term aspect of a lease and the ability to move around frequently. However, once you are ready to settle down in one place, it may be time to buy a home. It makes sense financially to buy instead of rent once you know where you want to be long-term. 
home buying process

You Need More Space

Rentals are great, but they are not very spacious. Once you decide to settle down and have a family, you may need more space to accommodate more people. Not only is a house bigger on the inside, but many homes have outdoor areas for entertainment, play spaces, and lounging. Having a large backyard is convenient for kids and does not require you to stray far from home. It may be time to buy a home if you need more living space.

You Found a Home for a Good Price

If you have been casually pursuing home listings and found a home you like, that could be a clear sign that it is time to buy. You will want to make sure that the home you like is going for a good price and that mortgage interest rates are low. Low interest rates are a great indicator that it is time to switch from renting to buying. Getting a great deal on a mortgage will make you feel even more satisfied with your decision. 

You Have a Great Credit Score

While you are renting, take this time to improve your credit score by paying off debt and maintaining your finances. Once your credit is higher, it may be time to buy a home. The best interest rates on a home are typically given to buyers with high credit scores. Improving your credit while renting will help you receive a better interest rate. If your credit is low, take time to improve it before buying a home. 

Once you meet the conditions above, it is time to stop renting and start buying. When you are ready to get started with the home buying process, our team at HomeHunt is here to serve you. Contact us today to get started!

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