Are you a renter that has your eye on buying? Owning a home can actually be more affordable than renting a similar property. If you have even thought about buying you’ll want to make sure you’re ready.
Rental rates in Naples continue to rise and you’re frustrated not knowing what you may have to pay when your current lease is up. When you buy, your 30-year fixed mortgage will have the same payments each month over the life of the loan so you always know how to budget for housing.
Let’s face it. You’re paying rent every month that is simply turned around to pay a mortgage anyway—however, it isn’t your mortgage. While you could be building equity, you’re paying someone else’s mortgage. Ouch!
Do you pay your bills on time? Do you have low debt relative to your income? These are both attributes you will need to get preapproved for your mortgage.
Homeowners need to have an emergency fund in place for repairs or improvements to the home. If you already are saving and have some money on hand, you’re in great shape to buy.
One benefit of renting is that it is easy to move when your lease is up. Just pick a new place and go. For most of us though, we want stability and to put down roots here in Southwest Florida. Sound like you? It’s time to buy!
Have you been to neighborhoods that you can picture yourself in? Do you have a good idea of where you’d want to purchase a home? These are great signs that buying is in your near future.
Have you gotten married or had a baby? Is your current rental just not big enough for you? It could be time to start shopping for a home that better meets your needs.
You only need 3.5% of the purchase price for a down payment to buy a home in Naples. You can buy a condo for only 5% down. If you have this money saved, don’t pay first, last and security for a new rental. Definitely consider putting this money to good use on a new home or condo that you can afford to buy.
Please contact us with any questions you have about going from renting to buying. We help a lot of renters become homeowners and have their positive reviews to show it! Buying isn’t for everyone so let’s discuss your unique situation privately.