Chances are that you would have thought of taking the leap into homeownership if you are a renter. The decision to own a house is always huge and a costly endeavor.
However. the decision to buy will ultimately depend on a range of factors like your finances, and future plans, amongst others.
We have pointed out four signs to show you’re ready to make the switch from renter to homeowner.
You are financially safe and ready to make a deposit
One of the variables that influence financial stability is the management of your debts properly, as well as having a stable job with a solid salary, saving money, and other things.
The majority of individuals, however, have it even tougher because of numerous reasons like college loans, company loans, personal loans, debt, and bills. However, after financial security is established, you can finally save enough money to make a down payment or purchase your own home.
Your rent payments keep going up
Rents keep on escalating in many parts of the country, and this is one of the biggest reasons why any renter would want to buy a home. The average rental price has increased by over 20% and there is barely enough room for the renters to negotiate in Nigeria. With this high percentage, it’s usually very hard for people to save, spend and also take care of other bills arising for the month. If you already feel trapped with the uncertainty of your rent payments, you might be better off purchasing a home where you’ll be gradually putting equity into your biggest asset.
You’re ready to settle in a neighborhood you love
This one’s quite subjective, but your preferred location and your capability to settle in one place are also huge considerations when buying your first home. If you anticipate moving in a few years, you know that you’ll only live in a particular area for a year or two, or you just can’t imagine yourself being tied down in one place, renting is likely your best option since you can leave whenever you want. Renting is also your smarter bet if you want to test out the waters in different areas where you’re thinking of buying a place.
But once you’re ready to settle down in a neighborhood you love, you’re secured in your job, and you can see yourself putting down roots in the next five years, purchasing a home is your next sensible step.
Do You Have a Plan in Place as a Long-Distance Landlord?
This is a factor on the checklist to tick if you are opting to be a remote landlord. As much as you can be confident that you can manage your property from a distance, envision handling repair requests at all hours, being responsible to contact service providers, or even planning and performing routine maintenance.
However, you can choose to hire a property manager to ideally save you both time and money, but you’ll still need to be proactive. This includes periodically setting eyes on the property yourself or through a trusted agent, staying up to date ensuring the functionality of housing items.