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When is it time to go from renting to owning?

By Andrew Bell

If you've been renting apartments, duplexes and other living arrangements for some time, you might eventually decide that buying a home is a better move for you — for any number of reasons. But when you're transitioning from renting to owning, it's not always easy to tell when the time is right.

In fact, some experts say there's never an ideal time to make this transition, because there's no one-size-fits-all answer to when that just-right time is. However, you can certainly evaluate when you're ready to take that step, and you should include the following considerations:

When you've saved up enough and are confident with your finances

First and foremost, you need to be financially capable of actually buying a home and being able to afford the mortgage. Real Estate View noted that this means you have saved up tens of thousands of dollars or more, and also accounted for additional expenses such as the fees associated with obtaining a home loan. In general, the more you've saved and the more reliable your income, the better off you will be when it comes to finding a home you can truly afford.

When you've deeply studied the housing market

Part and parcel with saving enough money to make a sizable deposit is understanding what the market looks like where you intend to buy. For instance, if you have $50,000 in savings but want to buy a home where the typical sale is priced at $700,000 or more, you might have some extra work to do. You should also make sure you understand how much demand there is in this area and how quickly homes typically come off the market.

When your needs change

Again, there is no single "right" opportunity to buy a home for the first time, but when life needs change, that can flip the switch for you, according to Nab. For instance, if you're going to have a child, if you get a new job in a different part of the country or even if you're just looking for a change of pace and some added financial flexibility, these can all be good reasons to start looking for a home to buy.

When you understand the homebuying process

You should also try to understand what the homebuying process actually entails, because if it will typically take weeks or more to go from having your offer accepted to when you actually move in, the timing needs to align just right, Apartment Therapy explained. Make sure you have a full understanding — which can often be decided with the seller — of what the timeline will look like, and you can proceed with more confidence.

When you've spoken to a real estate professional

Finally, you should keep in mind that many of the above issues are things a buyer's agent can help you understand, and determine whether you are truly ready to make a purchase. Even a quick conversation can get the ball rolling on starting the home shopping process, and that will allow you to make the right decision for your personal and financial needs.

If you are looking to get into the housing market in the near future, and especially if you're doing it for the first time, it's vital to connect with an experienced real estate professional. At Ray White Surfers Paradise, we have helped countless buyers and sellers through the sales process and we hope you will let us do the same for you. Get in touch with us today to start your homebuying journey on the right foot.

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