4 Sign Its time to Stop Renting

Buying a home in New England is not a cheap activity. Buying a home in Massachusetts or New Hampshire is not easy.  Many graduates of our many Universities and colleges stay in the neighborhood to begin their next phase called working in the real world. When you enter the workforce you often make a decent living, but not enough where roommate life is normal. I wish when I lived with roommates I saved more. So first tip to those of you living with roommates save, save save. Here are Four Signs its time to stop renting and buy a place.   Some roommates are both saving and buying homes together and working up a contract that addresses when they get to the next phase of their lives. If your not looking to buy with your housemate, but not sure if it’s the right decision to buy here are four-season its time to stop renting and buying a home. 

You have enough for a down payment plus extra 

Buying a home is not cheap in New England, and buyers need to come up with a hefty down payment and have money for closing costs as well. Yes, there are plenty of first-time homebuyer seminars that can help with the down payment. FHA loans enable eligible buyers to purchase a home with as little as 3.%%. Even if buyers have enough for the downpayment they also have to have money aside for a rainy day fund to provide a cushion that leaders will want to see post-closing. 

Your Credit Score is in good standing 

After years of renting, you may think that your credit is not up to snuff. If you have ever financed a car, you might be in a better position to buy a home than you thought. Your credit shows how well you pay off debt. So paying your monthly car payment is a good thing and can put you in a good spot when thinking about applying for a mortgage. It is however a good idea to pull your credit once a year. You are entitled to 3 reports from all the major credit reporting agencies like Experian, Equifax, and Transunion. Renting builds no equity and buying a home does.  Rates are still low, but will not remain low much longer. So move quickly. 

You Feel Secure in your Career 

Steady employment is a great way to climb the career ladder, but a person who doesn’t jump around in their job shows mortgage underwriters you are stable. If you have worked in the same field or company for at least 3 years this can give you added confidence in qualifying for a mortgage 

You Found your dream neighborhood

Is there that neighborhood you always like to visit? Maybe you are that lucky renter able to stay in one neighborhood every time you rent an apartment. It can’t just be the price that is keeping you there. Do you have that favorite coffee shop you always like to go to, that local bar you bring all your friends to when in town?   If yes it might be the place you will want to start first when looking to buy. 

Have you seen signs that it’s time for you to buy? Browse listing and let’s talk about putting together your dream team who can make homeownership a reality.