From Renters to Homebuyers: Is it the Right Time?

Dated: September 18 2022

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Buying your first home can be such an exciting time. Not only is this a great investment opportunity for your financial future, but you're also gaining access to more space where you can begin to build a life full of memories. That said, there are always some considerations before taking such a huge and impactful step. To ensure that you're ready, we've written up some key factors apartment renters should take the time to think about.

Why Do You Want to Buy?

This is one of the most important questions to ask yourself. Are you making this decision because you're about to hit the age that most people are when they start looking into home-owning, or are you feeling frustrated that renting an apartment isn't a financially responsible decision for you anymore? If it's the latter, then you're in the right frame, both mentally and economically, to continue down this journey. 

Emotions are typically the driving force of the desire to buy a home. While letting those emotions fuel your motivation is good, don't let them overshadow your rational thought. For example, some homebuyers underestimate the financial cost of owning a home, including loans and mortgages. So whether you're feeling frustrated about your living situation or excited about a new opportunity, it's always best to conduct your research about what the next steps will entail.

Personal Questions to Ask

Here are some questions you can always ask yourself if you ever need a mental check-in for yourself:

  • Am I in the right place in my life for a new lifestyle?

  • Can I commit to the space of a home?

  • Am I ready to put down my roots?

  • How is my credit score?

  • What kind of down payment can I put forward?

 

Financial readiness and personal confidence are the most valuable traits one can possess when entering the real estate market. Our offices are always available if you ever need an extra set of hands to help figure out where you're at financially. A free, informational call can always help, and we’re happy to give helpful advice with no strings attached. 

We understand that stress may happen, but we don't want that feeling to last long. Seeking the advice of a professional is the best decision you can make. An agent's experience will get you the answers you need and the clarity you want.

Getting Ready

You've thought it through, decided you're ready and are currently wondering what's next. So we'll help you out. Next, it'll be helpful to create a plan and gather everything together that you know you're going to need for banks, lenders, realtors, etc. Then, having it ready will help the process run more smoothly. Your plan will involve information like employment histories, credit scores, proof of income, and bank statements. Sharing these documents with lenders will help you get approved for a mortgage loan, the paramount necessity for buying a home. 

While a person's finances are sensitive information, don't be afraid to share them with trusted lenders. Remember, lenders aren't here to pass any moral judgment; they only want to help you by determining what mortgage loan is right for you.

Once that happens, the wait for preapproval begins. Everybody's situation is unique. Some might hear a decision sooner than others, but it's no reason to get discouraged. As long as you have prepared an effective plan, there's no need for surprises.

Finding a Home

The most exciting part of this process is getting to the home search. It's how most people begin their home-buying process. After spending countless hours in the past searching for homes you imagined yourself living in, it’s finally time to put it to good use and determine your dream home. Having an idea of what you want and your ideal budget will make your life and your realtor's life easier. There is such an array of inventory in the current market that at least having a starting point will make the process immensely more accessible. They can dive into countless properties for sale and narrow down what will fit your wants and needs. 

To start, you can make a wish list. Find out your likes and dislikes, and do whatever you need to stay focused instead of being overwhelmed by the influx of options. You'll be able to visit homes and zero in on the property you're meant to own. An agent can help you evaluate each home and discuss factors that may not have been previously on your radar- school systems, crime rates, neighborhood trends, etc.

Conclusion

In the end, it's always best to prepare yourself. As long as you enter this next chapter of your life with a plan, it will make the process more manageable and enjoyable. You've put in the time and the work to make an informed decision and are about to plunge into the exciting world of real estate. And don't worry, you're not alone. We're here to be your guides, to help you grow, and to make one of the most thoughtful investment decisions a person can make in their life.


Contact us at 210-801-9115 or send us a message here if you want more guidance on how to own your first home. LRG is home to many specialists with the proper experience, and we are happy to be your mentors. In the end, we want to ensure you’re informed. As a champion of the regular family, we always want to see y’all win.



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The Levi Rodgers Real Estate Group

Levi has led 2 very distinct lives: a successful Military career as well as leading one of the most successful Real Estate companies in the country. In 1996, Levi enlisted into the Army as a combat e....

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