It's time for the renter to become a buyer. Similar to your rental search, this will consume a great deal of your time and mental energy. Knowing what you want and knowing what you can realistically afford will help both you and your agent to find the best possible property.
Buy or Rent?
A simple buy vs. rent analysis will show you if the market is right for you to enter into a purchase. Job stability, changes in the market, cash on hand as well as the new fees and expenses that come with a purchase can all be adjusted in your financial app account. Test your best and worst case scenarios before you make a move.
Rent vs Buy Calculator
The search for your new home can take up to a year. If you stayed on track with your app updates and plans, your financial resume should only need a little polishing. If not, here is your second chance to get into proper financial shape.
Depending on your choice of home, you may be required to go through an extensive board review. If you decide to take a mortgage, once again, your spending and saving history will make all the difference.
Smart planning and being diligent about sensible spending increases your options so you can afford the home you truly want.
Let's get started. Log into your PlanWise account and click on the "Buy a house/property" plan. Add a few different scenarios so over time, you can see which offers the best returns on your investment. During your home search, you can add qualified listings provided by your Realtor and see what the true cost of closing and ownership will be ahead of time.
Buying a home doesn't have to be painful. Smart planning offers you a clear way to communicate your needs and wants to your agent. When the time comes, you will make an offer on your dream home, pass a board or mortgage review and close with confidence.
With step two under your belt, are you ready to start a future plan? Add one now.