“When I think about owning a home, I don’t know where to start! Qualifying, Lenders, finding a good neighborhood- I just don’t know if it’s time.”
Sound like you? You should feel better knowing that this sounds like majority of our first time home buyers; even previous home owners.
Ask anyone who has bought or sold a home, and they will all tell you it can be an overwhelming experience depending on the support and knowledge of your realtor.
Whether you have simply looked at homes online or started the process to pre-qualify for a home loan, there are several reasons to consider trading in your rental agreements for the keys to your own home.
We will discuss 4 reasons to ditch the rental and move into a place you can call your own!
1) Interest Rates
According to Freddie Mac, interest rates are at a historical low creating mortgage payments comparable or lower than rental rates in cities. With the current interest rates between 3.2 and 3.44%, a typical mortgage is $500 less than it would have been just 8 years ago. First time home buyers may qualify for an FHA loan providing lower up front loan costs as well as lower credit requirements at 3% interest.
2) Equity
Paying rent to a landlord gets expensive. Owners know when contracts are up for renewal, rental rates can be increased because residents don’t want to pack up and move every year. Imagine spending the money are you already paying an owner or landlord, and turning that into a profitable amount of available funds once you sell your house in the future. Owning a home is a huge investment opportunity with the potential to make even more money in hot neighborhoods or developments.
3) Rental Rates Are Higher Than a Mortgage
Rental companies understand the more amenities and high-end features in an apartment, they can demand strategically higher rents. The built-in cost of appliances, services, amenities and convenience is all figured up in your rental rates. Deposits on rentals are normally as much or twice the amount of rent, and owners will quickly deduct any damages, carpet replacements or balances once you move out. Pet deposits in Lubbock range between $350-700 per pet which are typically not recovered, either.
We hear time and time again, I like not having to fix my air conditioner and having maintenance fix my dishwasher. Well here’s a secret--- you get the home inspected before you buy to see the functionality of your HVAC system, and you’ll buy a better quality dishwasher than what you have in your apartment that won’t need constant repair. Homes are starting to include appliances in their sales pricing, so that’s one less expense you need to worry about.
4) A Place to Call Home
Mom always said, “Home Is Where The Heart Is,“ right? Well, is your heart happy in a noisy apartment community with stammering feet above your bedroom ceiling at midnight? Are the loud family get-togethers at your neighbors affecting your ability to live peacefully in your rental home? Maybe you never thought the possibility of your own home was a reality? If there was ever a better time to start the home buying process-- NOW IS THAT TIME! It doesn’t hurt to look!
Leave your worries at the door. Find a real estate team that can provide you with reliable resources, a trusted knowledge of your local market and to remove the stress from the buying or selling process.
Check out our listings for a free mortgage calculator shown under the listing price to see how low your mortgage can go!
The Hebison Team is known for buying, selling and building homes with unmatched customer service and knowledge about market trends in the area. We customize your experience based upon your goals, your needs and your lifestyle. Check our sneak peaks and private listings at www.facebook.com/amazinglubbockhomes or visit www.greaterlubbockhomes.com to sign up for our annual client party, tailored listings and insider news!