All people come to a point in their life where they must choose between continuing to rent or taking the leap to buy a home. We here at Weston Dean,
a premier New Braunfels custom home builder, know that purchasing your very first home here in San Antonio can be both a scary and exciting time in your life. If you're uncertain if you're ready to move up in the world, read on for our list of signs it's time to stop renting or why you may not want to switch from owning a home to renting.
First, let's discuss some general guidelines that suggest you are ready to purchase a home. Of course, you will want to take a look at the housing market, and let us tell you, things are still strong! Homes are being built and sold with very quick turnaround, indicating a steady supply-demand relationship between buyers and builders. A stable housing market with still lower interest rates on mortgages makes now a great time to look into buying a home.
In addition to market stability, you'll want to make sure you have all of your ducks in a row before purchasing your first Weston Dean home in San Antonio. It is not advisable to purchase a home unless you have steady, predictable income and a respectable credit score.
We recommend having 38% or less of your annual income dedicated to paying off student loans or other debts; you should avoid incurring any additional debt approximately one year prior to buying a new house. A typical mortgage should cost no more than 33% of your monthly income. You'll want to have an emergency fund built up to anticipate any sudden repairs or unexpected changes in income.
Besides the added financial responsibility, there are also lifestyle changes associated with purchasing your own place. Instead of relying on your landlord, you are now responsible for your home's maintenance, including yard work and any repairs or updating. This allows you the opportunity to truly make the place unique to your personality and gives you the freedom to add details that make a Weston Dean house into the home of your dreams.
If you're planning on moving one or more times within the next 5-10 years, it may be more advisable to rent until you are ready to settle down. Renting gives you the flexibility to move out when you need to without being financially responsible for the future of the apartment. If you have a significant amount of debt, you may want to waiting until the amount is more manageable before purchasing a new home.
Another reason to wait to buy is if your current job isn't 100% stable and if you are uncertain if your career will keep you in the same city. If you don't have consistent income, it's best not to stress your budget by tacking on a mortgage payment. Marrying a partner, having children, buying a new car or even getting a pet dog are all things to consider when figuring out how to fit a home into the mix.
For more advice on the right time to buy a Weston Dean home in San Antonio, contact us
Weston Dean Homes is a San Antonio area custom home builder. For additional information about Weston Dean building your San Antonio new home, please call (210) 408-9107.