Making the Transition from Being a Renter to a Buyer - by Tom Brewer

Making the Transition from Being a Renter to a Buyer

As you ponder with the idea of becoming a Mansfield homeowner there are a few points to consider. Undoubtedly as a renter, there have been times when you have thought about how nice it would be to own your own home.

Nothing is better than being a homeowner and not having to write those rent checks each month. However before rushing into anything, you should be sure that buying a house will not create financial hardships for you.

One of the first things you should do is to figure your monthly payments if you were to purchase a home. Compare the amount of rent you pay each month to the calculation of the following: the purchase price + down payment for your home, your total income for the year plus debts, property tax rate, home insurance costs, rate of interest and the length of your mortgage. In order to do this correctly and subjectively, you may wish to consider contacting a home buying specialist.

You also must expect other costs as a homeowner. There are closing costs to consider, a title insurance fee, survey charges and attorney fees so be sure to do your homework before deciding!

There are other things to consider as well. For instance, renting allows you the freedom to pack up and move at the drop of a hat. However, if you own a home, there are many difficult decisions to make if you should receive a great job offer out of state, for instance. As a renter you also are not responsible for having to do the upkeep on a home so be sure to consider all of the extra work that home ownership brings. Please go to www.tombrewerjr.com for more information.