Is Home Ownership Right For You

For the most part, the "Rent vs Buy" decision has been up for discussion in most households at some point in time.  With these uncertain times it is even more in question.  It is a big decision and requires homework on your part, open discussions and planning out your life goals. 

What is your financial situation, your plans and what kind of lifestyle do you want to live. Both options have their own set of benefits, both tangible and intangible.  Things you might want to consider:

Is Buying Right for You

  • Do you have a steady reliable source of income, good credit and $$ in your savings account
  • Do you have enough savings to get through an unexpected job loss or a home maintenance issue
  • Do you have enough savings for a down payment,  minimum maybe 3.5% and closing costs another 3%
  • Do you desire the Pride and Joy of Homeownership
  • Do you look forward to DYI projects, home maintenance and making your home uniquely yours
  • ?

Or is Renting the Best Option

  • Does your job or family require you to move frequently, more than every four years
  • You like having a set budget with no unforeseen expenses
  • You do not have the time or desire for the DYI projects or maintenance
  • You enjoy the amenities of the rental, such as the pool or tennis courts
  • You have endured one of life's set backs such as foreclosure or the need to rebuild your credit

Tips to Remember

  • Homeownership has many benefits but also responsibilities
  • Make sure you are ready for the responsibilities before you buy
  • You don’t  want to overspend, your housing budget should be no more than 28% of your gross income
  • Check on your credit report and credit scores
  • Fix any errors on your credit report immediately! Contact both the credit reporting company and the creditor that provided incorrect information, both are responsible under the law for correcting errors
  • Establish and protect your good credit – credit will affect the terms of your loans



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Debra Lynn Schirmer

Debra Lynn Schirmer

Associate Broker
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