Rent vs Buy for Newlyweds
The rings have been exchanged, the cake has been cut, the dance has been danced. You’re married now, and, if you’re reading this, then the honeymoon is probably over. So now what?
As your exciting new life together begins, I am sure you have figured out where you are going to live, but you may not have determined if this will be your home! If you are renting, the big question is evaluating if you should keep renting or buy a home. Once you have done your research and have decided that owning may be better than renting, you might have some questions like, “Can I afford to buy?” and “What are the first steps toward home ownership?”
First, let me say that many young couples just starting out want to buy a house, yet they don’t think it is possible. Well, I am here to tell you that it would be a wise thing to find out for sure, before you assume that it’s just not possible. You may be pleasantly surprised to find out that owning a home is easier than you think. At the very least, knowing what programs that are available for you to leverage and what you need to work on if you do fall short is always good to know.
My goal when I was first married was about stability. I did not want to be told I had to move and I didn’t want to have to deal with a landlord. I am sure your main goal is stability and building toward the future, which may have some very precious little ones in the next few years. Sometimes life happens quicker than you think, for example, I was married just three months when my wife became pregnant with the our first of three children.
Get your ducks in a row! There are some things you will need to know before you buy a house, and we are here to help. Step one is to use a home loan professional to assist you in obtaining a loan pre-approval. This is a necessary step to find out what your buying power is and to make sure you have the funds and capacity to perform or close escrow and own the home. During this process, you will learn where your credit should be, how much money you need to save, what your debt-to-income ratio needs to be, and what programs may be available to you for down payment assistance. In addition, there are many other financial problems you may be eligible for, such as forgivable grants, silent seconds, and CARE Realty’s Buyer Rebate Program.
To find out more about the areas in San Diego where you might want to live Click Here. To search for your dream home direct from the MLS real time Click Here. If you are getting to the point where you would like to move forward and need to work on getting that pre-approval, feel free to contact our recommended home loan professionals by Clicking Here.