Photo: Flickr Brent & Amanda I
While buying a house is a huge step, it's not as impossible as it may seem. We're going to break down some of the reasons why it might be time to start looking into it.
Living in an apartment, condo, or any situation on a rental basis means you're probably not allowed to make any significant changes to the living space. The paint on the wall, flooring, and cabinet situation are all here to stay regardless of your feelings.
Most changes you are allowed to make are temporary. Now, wouldn't you prefer being able to make changes when you want and how you want in your own space?
Not as pricey as you think
You're probably thinking, "but I have to pay 20% down!" Truth is, most people don't pay that anymore. If you go to the Federal Housing Administration (FHA), you could pay as little as 3.5% down. Not so great credit score? Credit requirements aren't as strict with housing loans as opposed to other types of loans. In the end, you could be spending less on housing payments per month than you are currently spending on rent per month.
A lot of apartments still don't allow pets. Ones that do generally require a large pet deposit and extra monthly pet rent. Owning your own home erases all those issues. Plus, if your new home has a yard, then your dog has plenty of room to frolic.
Student loan issues
New rule changes to how student loans affect debt to income ratio calculations could reduce your monthly housing payments.
Everyone's doing it
First-time home buyers are making their move. 42% of homebuyers in 2017 are first-time buyers, over double the number of new-renters.