Rent vs. Own a Home: When to buy a home
When Should I Buy?
It’s a common question asked by those considering the purchase of their first home – when is the right time for me to buy a home? Should I continue to rent and building up my savings for a large deposit, or should I get on the property ladder as soon as possible? What are the benefits of renting over buying and vice versa?
There seems to be a common trend in people buying their own homes when rents and mortgage repayments reach similar levels, but there are many other reasons including low interest rates and changes in home buyer grants could also influence renters to become buyers.
Things to consider
- Would you be comfortable spending a large percentage of your income on mortgage repayments?
- How much could you afford borrow?
- If the money you could borrow falls short of your expectations, are you prepared to compromise?
- Do you have a budget in place and a savings plan?
If you’re ready for it and are prepared to keep control of your finances, owning your own home could bring considerable rewards. You’ll be on the road to achieving your financial goals and even better you could truly make your new house a home.
A chat with one of our finance consultants at Nicheliving Homeloans can help you find out what you could borrow and what your financial options are. It’s quite possible you could be pleasantly surprised!
How can Nicheliving help?
The mortgage lending professionals at Nicheliving are here to help you evaluate your current situation, and find the best home situation for you. Contact us today to schedule an appointment with one of our professionals for independent, free and no-obligation advice