The Choice between Owning a House and Renting

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Do you feel like all your hard earned money is going down the drain? Renting makes you question yourself whether you should finally start saving for a house or not. After all, what you are doing right now is building your proprietor’s equity. It’s time you made your dream a reality, which up until now you have been pacifying by making Pinterest boards. House in Sandy Springs, GA might be a bit pricier than its neighboring cities but the real estate value there will secure your future.

Buying a house takes an emotional and financial toll on you. So, if you are ready to tackle both these challenges, then it’s time you started saving for a down payment. Following are 4 questions you should ask yourself to decide if you are ready to get on board your home ownership adventure or not:

1. Am I Financially Prepared To Take Such a Huge Step?

Do you have a steady job?

This is the most important question, one on which your entire decision should be based. There are several costs involved in buying a house such as hiring an attorney, home inspections, appraisal, closing costs, etc. Then there’s the down payment that usually requires 20% of the cash up front. Anything less than this and you will be looking at a higher interest rate on your monthly payments. Remember, if you miss your monthly down payments, the lender might increase the interest rate to make up for the loss.

In order to get a low interest rate on your mortgage, you need to improve your credit score. Where a minimum credit score of 620 will get you qualified for a mortgage, a score of 700 will offer you better interest rates.

2. Am I Ready To Make Compromises in Every Aspect of My Life?

You dream house has a balcony, a porch and a front yard with a garden where you water your plants every day. However, dreams are far from reality. While there’s a slim chance you will get these features in a house and even if you do, there’s a possibility that the neighborhood might not be that good.

Sometimes, you need to make compromises and we are not just talking about the budget. Homes for sale in Sandy Springs, GA that hold a lot of potential are a rare find. So, in order to grab the first opportunity you get, you need to make compromises. Create a list of things you can eliminate from your lifestyle that will help you save more. Then, create another list with house features that are an absolute need and wants. This way, if you do come across a house that matches your specifications, you can easily decide whether it is worth your money or not.

3. Am I Emotionally Ready?

When renting, all you have to do is pay the rent and maintenance on time and the landlord takes care of the rest. However, a house requires a lot more care, which includes repairs and self-maintenance. You can’t simply throw up your hands if the property taxes rise. Make sure your savings account has enough cash to temporary float you, in case you lose your job.

4. Is “Owning” the Answer To My Future Decisions?

Everyone has a dream of decorating their house. These small personal changes are what truly make a house a home. Sure you are building equity but do you have a future planned ahead? Are you planning to marry? Are you planning to have children? Is there a possibility that your financial situation will change in the future? Think ahead before you take a decision.

As long as you have your head on straight and your finances sorted out, you are on the right track. If you have enough market knowledge, you don’t need a real estate agent on your side. Want to know what a home for sale in Sandy Springs, GA costs? America’s Network Reality Group Inc. is a website that allows you to search houses in Sandy Springs, GA according to your specifications.

 

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