So, you’re thinking about considering the idea of buying a house.
Maybe one or more of these statements describes your reason for making the switch from renting to owning:
- I just feel ready for a place that’s all my own
- I think I can pay the same amount (or less) for a mortgage as I do in rent.
- A home is an investment, and I want to start building equity
- I’m starting a family and I need the space and stability
- I want a laundry room, or a garage, or backyard, or a [insert your own American Dream here]
Only you can decide if you’re emotionally ready for homeownership, but it’s true that there are plenty of financial benefits:
- You can usually deduct mortgage interest on your tax return
- You can build equity in your home
- Historically, homes have proven to appreciate over time
- You can avoid increases in your monthly payment
Those financial benefits come with financial responsibilities.
Purchasing a home at a price you can afford is key to successful homeownership — that is, maintaining homeownership. But how do you know if you can afford to buy and maintain a home, and how much home you can afford?
The answer to those questions starts with you – how much do you know about your own financial health? What’s your credit score? Do you have a household budget? How much do you have saved and how much of that are you willing to put toward a down payment?
EHL will help you dig into those questions and understand your homebuying options.