I had to ask myself, “Is it the right time for me to buy a home? I had to decide if I was going to rent again or buy?
I really wanted to be a homeowner but I didn’t want the expenses that come with it. So I pushed homeownership thoughts to the side for just a moment and began searching for rental prices in the Western suburbs of Chicago. I began my search online and noticed that prices were a LITTLE HIGH!
So I thought “well I really miss my old apartment in Westmont, I will call for pricing”. $1300.00 was the price that I received for the same apartment that I previously rented for under $800.00. So I knew then that renting was not right for me.
Now there are so many other things to take into consideration before buying;
- Do you have savings just in case a repair is needed? You are the Landlord now! You can’t call for repairs anymore.
- Location, Location, Location. Choose a home in an area that you love and that is not too far from work or the transportation that you will take to work – trains or buses. If you live in Chicago or a city that is just as cold or snowy, we know that winters can be brutal and this winter has been the worst. So I would suggest taking location into consideration.
- Is it priced right for you? We are excited when we receive that pre-approval amount from the lender. But just because the lender approved you for such a great amount does not mean you should use it all. Think about things that you normally do or purchase. Of course the lender isn’t going to take lifestyle into consideration. Do you normally travel or eat at restaurants often or shop a lot! These are things that can be cut back when you purchase a home but I wouldn’t suggest totally cutting them out because you will be miserable , especially if its something that you love to do. You don’t want to look at your home and think, “l have my home but now I can’t do the things I love!”
So is it the right time? After reading this blog post you may have even more questions running through your head. But guess what? There are always going to be questions throughout the process.
So if you have any questions or if you would like to find out how much you qualify for complete the form below and you will receive a call within 24 hours. This will help you prepare and save before going through the pre-approval process.