Kim Abbott

Riding Real Estate Agent

  • Home
  • About Me
  • Resources
    • Buyer Info
    • Seller Info
    • Home Appraisal
    • Home Inspection
  • Find a Home
  • Contact

How To Know You Are Ready To Stop Renting And Buy A House?

May 20, 2020 by Kim Abbott

http://data.bloggingrightalong.com/i/Home_Staging_How_to_Stage_Your_Home_to_Appeal_to_Your_Buyers_Senses.jpgYou might have gotten used to the flexibility of renting. You probably like not having to worry about repair costs and you likely enjoy the ability to pack up and move in short order. On the other hand, you are probably tired of throwing money away and are ready to build equity in a home. While the opportunity to become a homeowner is undeniably attractive, how do you know that you are ready to take on this responsibility? There are a few signs to note.

You Manage Your Debt Well

One of the most important factors any home lender is going to assess is your history of debt management. After all, the bank wants to know they are going to get their money back.

This is where your credit score is going to come into play. If you have a solid credit score, this is an indication of your ability to manage your debt. Some of the factors that will influence your credit score include prior credit cards, car loans, and even student loans. 

In addition, the bank is going to look at your debt to income ratio. If your ratio is relatively low, this increases your chances of qualifying for a home loan successfully.

You Have Saved For An Emergency Fund

In addition to having a good debt to income ratio, you also need to have an emergency fund set aside. The monthly mortgage payments, down payment, and home insurance premiums aren’t the only homeownership costs. You could also have repairs that arise down the line. This is where an emergency fund is essential. That way, if something goes wrong (which will happen at some point), you are ready. Many sources recommend having six months of living expenses put away in an emergency fund.

Purchasing A Home

These are two of the most important signs that you are ready to purchase a home. If you are tired of living in an apartment and are ready to put down roots, then consider taking out a loan on a house. This is a great way to invest in your future.

Filed Under: Real Estate Tagged With: Real Estate, Rent VS Buy, Time To Buy

Contact Kim


CALL (602) 540-3719
Located in Phoenix, AZ

Connect with Me

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Browse Articles by Category

Recent Articles

  • What’s Ahead For Mortgage Rates This Week – December 11, 2023
  • Pros And Cons Of Installing A Pet Door
  • First Things First, What To Do Upon Moving Into Your New Home
  • Buying Your First Home? Learn These 5 Essential Home Maintenance Skills as Soon as Possible

Equal Housing Opp

Looking For Something?


3333 E Camelback Rd
Suite 150
Phoenix, AZ 85018

Copyright © 2023 · Powered by MySMARTblog

Copyright © 2023 · Genesis Sample Theme on Genesis Framework · WordPress · Log in