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Step one - Should you Rent or buy a house?

Things to consider

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Are you relocating outside the area soon?

If you plan on relocating outside the immediate area within 1 -3 years, it may be better for you to rent. There are costs to purchasing and selling a home that may offset the benefit of buying.

In our next blog we will share the costs in purchasing a home and share appreciation rates for various areas. You’ll be able to compare the benefits to the costs of both.


Will there be changes in your household, Employment or income?

If one of the financially responsible people in your household is changing jobs or relocating on their own, you will want to consider how this will change the household income. Consider using just the remaining employed person when qualifying for the loan. This could also affect your credit. Try to make plans in advance for this change.

If you are changing jobs, will your income change? If you’re staying in the same line of work or your position is similar, there probably won’t be a problem qualifying for a loan.  If there is a drastic change in type of work you do, then you’ll want to speak with a Mortgage Loan Office. For example if you’ve always worked as a bookkeeper but will soon become a licensed roofer, then we would need to provide more details about this change. If you were taking classes to become a licensed roofer  while working the last year, we might be able to explain this change.

If you are anticipating a large change in your income over the next couple of years, you may want to consider waiting until you’ve made that change.


are you prepared for household repairs?

The one big advantage to renting is that if something breaks, someone fixes it for you. Of course this changes when you own your own house. To many people, this is the best part of owning a home! They get to choose the color of their walls, the type of flooring they have installed and they can add a doggy door or fence to the home they own. However, this all takes money and time. So if you’re tight on both, maybe consider buying a condo instead of  a single family home. With a condo, the outside walls, roof and yard are typically the responsibility of the home owners association. Your monthly fees are collected for those anticipated needs.


Benefits of owning a home vs. the disadvantages

We believe the benefits of owning a home outweigh the disadvantages, but only if your personal situation fits inside these parameters. Owning a home brings a sense of belonging to the area and a sense of pride. You get to know your neighbors, who often become life-long friends. Your children go to the local school and also make life-long friends. Your dog has a place to call home and a yard to roam. You can decorate and have a garden. And… you don’t have to worry about moving again because the rent increased. You have a stable payment that as your income grows, it will fit more comfortably in your budget. 

If you need help with these questions or have more, please give us a call. You are never under any obligation to us. We are hear to help!

Questions, comments and inquiries are always welcome!

New Season Mortgage 720-608-1644 info@nsmloans.com