By Vanessa B
Renting is an easy way for people to afford their own place, as it doesn’t require a very large sum of money in one go. After a while, though, you might grow tired of your monthly payments going toward a mortgage that is not your own and decide it’s time to bite the bullet and find a place you can truly call your own. Here are six signs it’s time to move on from renting.
1: You Have Savings
It is no secret that buying your first home costs a lot of money. You will, of course, need the down payment, but you should also account for the cost of the moving van, new furniture, and any repairing the house might require.
If you’ve managed to accumulate a decent amount of savings over the years of renting, then it might be time to splash on your future home. Don’t worry too much if your savings look sparse compared to others, as you can look into a help to buy scheme for your first house.
2: Your Credit Score is High
For those wanting a great deal on their mortgage, you must have a high credit rating. If you don’t, you should consider spending some time improving it before looking into houses and mortgages. It’s better to take your time so that you can appeal to more lenders in the future rather than rushing a bad mortgage deal!
3: You’re Thinking About Kids
If your landlord is OK with it, there is nothing wrong with having kids in a rented place. However, it would be ideal to raise them in a home you can alter, decorate, and mess up. After all, children are untidy, and you don’t want to have to explain the ink-stained wallpaper to your landlord!
4: You Want a Pet
Most landlords don’t allow pets, and even those that do are quite strict about how many you keep and where they can go. It makes sense, then, that if you want to extend your furry family, you should buy your own place. If you have the dream of being a crazy cat lady, then with your own home, you’re free to go for it!
5: Your Career is Stable
One crucial factor when thinking of purchasing a home is how stable your career is. If you have only just started a job, it’s wise to spend a year or so settling into it before relying on it to pay for your mortgage. Once you have been in a career for several years, you can then decide to use your money for the huge investment of a house.
6: You Dream of Decorating
Renting might save you a little money, but it does bring with it a lot of limitations, such as not being able to decorate. Yes, you might be able to fit in your cool, antique coffee table and your bright yellow cushions, but what about adding colour to the walls and installing sliding doors?
If you’re yearning to take full control of renovations and decoration, then it might be time to think about putting your money into a house that you can do whatever you want with.