I’m 26, make $300K a year and have saved over $275K. Should I buy an apartment — or just keep renting?
Dear MarketWatch, I’m a single 26-year-old who’s been renting in downtown Atlanta for almost 5 years and want to buy my first home. My lease only allows me to enter the market once a year. If I find a deal, should I break my lease, or wait and see what’s available? What should I be focusing on to determine what I can afford?
If I find a deal, will I be prepared to hop on it and break my lease? What part of the home buying process should I be focusing on to make sure that I buy something I will be happy with for more than a couple of years, while remaining financially stable?Dear Inexperienced, With a choice as monumental as whether or not to buy a home, it’s smart to approach the decision carefully and by doing a good amount of research.
A larger down payment also gives a signal to your lender that you approach your finances prudently. Many lenders encourage this by offering a lower interest rate to people who have a bigger down payment. You say budgeting for your rent is easy. Budgeting for these monthly payments isn’t all that different. The general rule of thumb is that you shouldn’t spend more than a third of your income on housing. For you, that would add up to around $8,300 per month. Therefore, most apartments in Atlanta should be within your budget.
At the same time, I can assure you, plenty of renters break their leases to buy a home. A home purchase doesn’t happen overnight. Even after a seller accepts your offer and the contract is signed, it can take months for the sale to actually close and for you to get the keys. Obviously, there are no guarantees here. But starting the conversation now is the way to go, so you’re not left worrying about this for long.
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