People choose to purchase a home for a variety of reasons. Space, privacy, proximity to family and friends, and a sense of community can contribute to the decision to buy a home. Tax breaks, transportation, amenities, and the opportunity to build equity are also factors. But the biggest reason cited by homebuyers is simply the desire to own. According to the National Association of REALTORS, 75% of first-time buyers are former renters. They prefer to build equity for themselves rather than for someone else.

What are your goals for buying a home? You might want a better home and neighborhood. You might want a different kind of living experience, such as moving from an apartment to a single-family home with a private garage and yard. Your family may be growing, so you have think about school districts and proximity to parks and other recreation.

Renting is a short-term convenience, and a great hedge when property prices are spiraling downward. But for long-term gains, tax benefits and building equity, owning a home is better. So how do you know if it’s the right time to buy?

Only you know if you’re in the right position to buy a home. Your lender will let you know how much home you qualify to buy. Your real estate professional can help you find neighborhoods and homes that are within borrowing limits. Compare the rent you’re paying now with the monthly payment you’ll be making including property taxes and hazard insurance.

Ultimately, you will know if it is the right time to buy if you can picture yourself living in your new home, comfortable with. your new neighborhood as well as with your mortgage payment.

To learn more about buying a property with Engel & Völkers Foothills, visit the link or give our office a call at 828.584.9999.