SonyaDickinson
November
15
15
3 signs that you're ready to stop renting and buy your first home
If you're a renter — especially, if you've moved recently — you know the rental market in the Roanoke Valley is getting more and more competitive. The overall number of properties is growing, but so is the overall number of renters — and at a pretty fast clip. As a result, rents are increasing in all parts of the valley.
If you've been renting for a while, I have a question for you: What's your long-term housing strategy? Does it still make sense for you to stack up rent receipts or is it time to put your money toward equity in a stable asset?
If you ask for opinions, you'll certainly get some. After working with lots of first-time home buyers, I've learned that these are three signs it's time to take the leap into homeownership.
1. Buying a home is your idea.
Have you always wanted to own your own home? Can you get lost in the thought of having a home and making it your own — putting down roots and building a life? Then, it's likely that buying a home is your idea instead of just the suggestion of a well-meaning loved one.
Certainly, I agree, buying a home is a good long-term investment, but it's also a big commitment. The best time to buy a home is when you're ready.
2. Your finances are in order.
You might have had trouble with Item 1, but this is a little more clear cut: Purchasing a home will likely be the largest single financial transaction you ever make. You may desire to buy a home, but ultimately, you have to make the numbers work. Depending on your current situation, this means reducing your outstanding debts, improving your credit score, and ensuring you would have enough cash in your budget each month to cover a mortgage, taxes, insurance, and the ongoing maintenance costs associated with owning a home.
The very best way to take your financial pulse is to talk to a mortgage lender. If you're not sure where to start, let me know and I can connect you with someone.
If buying a home is your idea AND your finances are in order, keep reading.
3. You love where you live.
Again, buying a house is better as a mid- to long-term investment strategy. If you still need the flexibility of moving to another city for work or education, it might not be the right time to buy. But if you've fallen in love with the Roanoke Valley or Smith Mountain Lake and plan to live out the next chapter of your life here, that's a good sign you're ready to buy. Even if you can just commit three to five years in a fixed-rate mortgage, you're essentially freezing your housing costs to protect you from large increases caused by volatility in the rental market.
Even if you're only thinking of buying a home, I'd love to talk with you about your options. Contact me at sonya@sonyadickinson.com or 540-353-0123 to discuss taking the next step toward homeownership!
Privacy Policy / DMCA Notice / ADA Accessibility
This site is hosted, designed and copyright
© 1994 - 2026 by
Delta Media Group, Inc. -- Patent Pending --