Is Buying a home right for me?
Well, only you can genuinely decide whether making the leap and buying a Seattle home is right for you. Your personal circumstances, dreams, wants and needs will be different from everyone else’s. Buying a home is not for everybody, whether for financial reasons or you are just content to be a full time renter. Renting has many benefits as does owning your own home.
For the record, my opinion is that, yes, owing your own home does have certain benefits. However, owning a home is not the be-all and end-all in life and the American Dream is NOT about buying a home no matter how many times that piece of propaganda is bombarded at you. I didn’t move to America just to buy a home!
Obviously our homes, be it a rental or a home we own, can have a huge emotional connection for us. They are places where some of the most important events in our lives have taken place. They give us a sense of security and belonging. However, when it comes to buying a home, being as subjective and emotion-free (as humanly possible) will allow you to make informed decisions and the right decisions for YOU!
As with everything in life, there are pros and cons to buying a home in Seattle and hopefully this Seven Steps to Buying You Home guide will help you decide whether to stay renting or make the leap. The good and the less fabulous aspects are all included to demystify the home buying process and make you a savvy first time home buyer.
Should I buy a home or stay renting?
The reasons for wanting to buy your own home or stay renting are numerous and include:
For example, homeowners who decided to take that leap might say:
- I just wanted a place to call my own.
- I felt that I was pouring money down the drain and making the landlord rich.
- I wanted to start building some equity and take advantage of the tax benefits
- I wanted a sense of community and place to raise my family
While dedicated renters might say:
- I could never afford to buy a home and my credit score is not so good.
- I don’t want to be tied down to one location and haven’t decided where I want to live.
- I’m afraid of losing my job.
- I like having someone else being responsible for taking care of all the repairs.
The best thing to do is sit down and make a list of the pros and cons as you see them based on where you are currently in your life. Visualize yourself being a home owner. Most likely you are already familiar with the pros and cons of renting so ask your home owner friends how they would compare owning a home versus when they used to rent.
If you are a renter and you believe that you would not qualify for a mortgage but would like to buy a home, talk to a Realtor or mortgage broker. If your suspicions are confirmed at least you will know what you need to do to improve your credit score and improve your chances of qualifying the next time around.
