5 Signs You’re Ready to Stop Renting
Sep 27, 2022
Renting a home offers flexibility and freedom in many aspects: moving to wherever your lifestyle or career takes you, upsizing or downsizing as needed, and not worrying about repairs and maintenance.
Yet, at some point in life, people would long for permanence and decide to settle. You search for real estate projects, browsing through listing websites.
Before diving into the home buying process though, the question in most aspiring homeowners’ minds is this: how will I know if I’m ready? Here is the best advice for all homebuyer-related questions.
In this article, we let you in on the tell-tale signs it’s time to stop renting and start owning!
Sign #1: You're Craving Stability
The first sign that would tell you that you’re ready for homeownership is you already want to stay put. The days of moving from one apartment or condo to another are over. Usually, a stable career compels this desire.
People who have been working for the same company for years and have consistently enjoyed the monetary perks often don’t see themselves relocating or making a huge lifestyle change in the next few years. Thus, they look for a home that will complement their sense of stability.
This craving for stability complements the five-year rule for homebuying, which says that homebuyers must make sure that they can stay put in the same property for at least five years to avoid financial losses. If you see yourself remaining in the same location for that period, it’s high time to consider homeownership. Go indulge yourself in looking at home options.
Sign #2: You're Starting a Family of Your Own
Starting a family is a huge milestone. In preparation for lifelong togetherness and parenting, you should prioritize having your own place.
While renting is relatively more affordable, in the long run, you’ll save more money when you buy a home. Moreover, you’re able to build equity over time. This kind of financial stability is important when raising kids, especially since their needs get costlier and more demanding as they grow up.
In the lifestyle aspect, a home of your own is beneficial for the family, particularly the kids, because it creates a stable environment where children can thrive. When you rent, there’s always the possibility of relocation. According to studies, frequent moves can negatively affect kids’ mental and emotional well-being. In contrast, owning a home helps families stay put and form relationships with the community.
Sign #3: You Want a Personalized Space
While renting offers freedom in a lot of aspects, it also has its limits. Personalizing the rental space is one of them. You can’t go all out in your home improvements unless permitted by the landlord. If you’ve been longing to make your space your own, then it’s time to own one.
By buying an affordable house and lot for sale, you can go on a home makeover spree anytime you want. The two-story duplex and two-story row house both have 50 square meters of floor area, giving you ample space to put your personal, decorative stamp on.
Actual Model Unit of Richwood Homes Negros
Find homes or units that are the perfect blank canvas. Upon turnover, you get an unfurnished home, delivered with only the concrete floorings, fitted kitchen counter and sink, and tiled toilet and bathroom.
With a simple backdrop, it’s easy to envision the design and bring it to life. There’s no need to remove old floors or tear down walls - you can go straight to choosing between ceramic and hardwood floors, painting the walls, and bringing in furniture pieces.
Sign #4: You Found the Perfect Location
Most people choose to rent because they can easily move to a different location, as their career or passion dictates it. But if you’ve already found a strategic, excellent location where you see yourself living in for many years, then it’s time to settle down. As mentioned earlier, the five-year homebuying rule says that homeowners should stay in the same property for at least five years to recoup from their expenses.
South Road Properties, Cebu
Sign #5: Your Rent has Increased
Although there are price increase caps, it’s inevitable that your monthly rental fee will constantly go up over time. Sometimes, the fee can be comparable to monthly mortgage payments, which explains why many renters decide to embrace homeownership. Other times, the loan payments are even lower than the rental fees. Under Pag-IBIG Fund's Affordable Housing Program, for instance, borrowers can pay as low as P2,445.30 per month.
Photo courtesy of Angie Reyes via Pexels
How Will You Know That You're Ready to Buy a Home?
This is the question in many aspiring homeowners’ minds. You can only be prepared for this exciting journey when you are already thinking of these Triple A-Advantages in mind:
Astounding Community where you and your family have ample space to grow and bond together.
Accessible Location that keeps you nearby all the business centers, leisure places, and the like while also keeping you away from the noise of city-life.
Affordable Home that fits the bill and doesn’t break your bank account to own and maintain.
Are you ready to embrace homeownership in Visayas? Consider PrimaryHomes, Inc.’s real estate projects, especially our Richwood Home Series:
The residential units here are designed and constructed with top-notch quality, a build that’s going to last for years. Whether you plan to stay for five, 10, or more years, you can count on the durability of PrimaryHomes’ properties.
The units at Richwood Homes feature a modern and sleek design and contemporary minimalist theme with the quality of the build brought by a triple-A category construction company, Primary Group of Builders, you can have the peace of mind that your property will have excellent value over the next years.
It's equipped with family-friendly amenities like a convertible court , swimming pool , and a ready-for-use multipurpose hall for community gatherings. It also promotes strong community ties, where everyone looks out for each other.
On top of that, it’s near essential establishments so you’ll experience convenient living. You can cut down transportation expenses, and won’t have to spend long hours on the road to run errands.
Richwoods Homes fits your bill, with its community-centered area and facilities, amenities, and a great return on investment.
Your first home could be in one of our communities. If you want to visit these developments, schedule a tour with Primary Homes Inc.