Homes For Sale: Is Now The Time To Buy If You're Currently Renting?

Posted on: 22 February 2021

If you've been looking at the homes for sale listed in the classifieds lately, or if you just think it's time to get out of your rental contract and look for a new place to live, it might be the right time to buy some real estate. Even a positive choice can be daunting, and buying real estate is one of the most important financial and life decisions you'll ever make.

So, is now the time to look at homes for sale and by one if you're currently renting? Use this guide to help you create a list of reasons to buy a house or to really get down to the bottom of whether you should be renting for a while longer or if buying is what you should do.

How long is your rental lease?

If you have a rental lease that is about up or you have a month-to-month lease on your rental, you are open to looking at real estate more freely than if you were just in the beginning of a long lease. While you can still look at homes for sale and put a contingent offer on properties you like if you have a rental lease to fulfill, it's in your best interest usually to wait until your lease is coming up to start looking at real estate to buy.

Do you have money to put down on a home?

It's often cheaper to pay a mortgage than it is to pay rent, but the down payment for a home isn't part of this consideration. Depending on the price of the homes for sale you're looking at, your income, credit score, and other factors, you may have to put a large down payment on a home in order to get financed for a property or avoid mortgage insurance. If you have little to no savings or you already struggle to pay rent now, you may want to wait to buy real estate until you're in a more solid financial situation.

If you have no idea what your credit is like or what you have to do to buy homes for sale, ask your agent to get you in touch with a banker. You'll get the information you need to help you start your home-buying journey.

Buying a home when you're renting can be a wise decision but should never be taken lightly. Consider the above and other questions before looking at homes for sale in your area.

Contact a resource like Sold with TJ to learn more.

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