5 Signs You're Ready to Own a Home
Are you finding yourself dreaming of the stability and freedom of owning your own home, but you’re unsure if you’re really ready for the long-term commitment? Buying a home, or building your own new construction home, is still the most stable investment you can make. With real estate market trends steadily rising over the past decade, it’s the perfect time to commit to your own home. It’s a wise choice for many, but are you ready for the jump?
You might be ready if these 5 qualities apply to you:
You’re Finally Financially Stable
You’ve finally paid off a good chunk of your student loans, you’re happily in a long-term career, and you’re ready for a smart investment. You’ve been saving for a few years and you’ve got a decent down payment set aside. There’s no better savings account for your nest egg than tied into the equity of your very own home. You’ve got decent monthly income to spend on home upkeep and mortgage payments, why not commit a portion of it to own and maintain your very own home?
You’ve Got Excellent Credit
Perfect credit isn’t a necessity for home ownership, but if you find yourself at a solid 600-800, you might find that interest rates have gotten surprisingly low for people in your situation. FHA loans have made financing a home in 2019 extremely easy and down payment options come as low as 3.5%! You might be wary of owning real estate after experiencing the 2008 panic but there has never been a better time than right now in the wake of that time to enter the market.
You’re Excited to Join a Community
You’ve lived in apartments, bouncing from neighborhood to neighborhood, for years. You’ve never really gotten to know your neighbors and you’re excited at the idea of pulling up to your house greeted by a friendly face. A new construction community often places people in your exact situation together, creating lifelong friendships and a uniquely integrated community. Buying a new construction home means that home is unique to your family, it will always be yours at its core. Joining a community means having friends around to watch out for your safety, provide community activities and support you. If you’re ready to carve out your own space in the world and make it your own, building a new home is something to seriously consider.
You’ve Found the Perfect City
You left for college and never looked back, but now you’re done wandering and have found the city that makes you feel at home. You’re happy putting down roots in this city because of its great public services, natural landscape, or proximity to attractions. If you’re positive you’re staying in this city for the next 5-10 years, say “I do” to the city of your dreams and find or build your dream home.
You’re Tired of Wasting Money Renting
You spent 15-30% of your income last year paying rent to a landlord that never fixed that leaky faucet and you’re tired of watching your money disappear. Monthly payments into a future investment sound a lot better than wondering what your money is even going toward. If you’re ready to take care of your own home and watch your investment grow along with your life, homeownership is right for you.
A good credit score, ability to make a decent down payment, and readiness to commit to one place for the foreseeable future makes right now the best possible time to become a first-time homeowner. Putting off buying a home out of fear means you’re losing out on monthly payments on a sound investment for your future. If you found yourself connecting with each of these qualities, you should start to consider your home buying options.
Call a real estate professional or mortgage broker to speak with a professional who knows the market. You’d be surprised to find most professionals in this industry are not interested in trapping you into a situation you’re not ready for. Call a professional you trust to go over your options and make a plan to get you on the path to home ownership. If you’ve debated every aspect of home ownership and have decided that a brand new home that’s all your own is what you want, give us a call. Making your dream a reality is Castor Construction Group’s core goal. Let’s build your future home together, exactly as you have always dreamed.