Should You Buy or Rent? Keep Your Investment Safe With Title Insurance in Grand Junction

Title Insurance Advice on Determining If Home Buying Is for You

Renting may be a good option for some but it is not always the smartest choice, especially when you think of the future investment. Today at Advanced Title Company, we want to share some information that can help you determine if buying a home is the best option for you.

Questions You Need to Ask Yourself

Buying a home can be a very smart investment and a great achievement. However, it does mean a lot of responsibility. When you have a home you need to consider your economic situation above all. Do you have a stable and secure job? Are you ready to commit to a monthly mortgage? Are you debt free or easily cover your debts? Do you have a significant amount of the downpayment saved up? These are just a few of the question that you should ask yourself before taking a leap into a home purchase.

Consider the Financial Responsibility of a Home Purchase and Protect Your Money With Title Insurance

Having around 20% of the house cost saved up for the downpayment is advisable, but even if you already have that ready, there are other things to consider. You may be generating a great income but if your entire salary is coming from commissions and other sources that are not all that stable, you need to consider if buying a home is really the best choice at this point. Now, we aren´t saying that if your salary is entirely generated on commissions you can´t buy a home or that you should wait until you get another job. What we are saying, is that if this is the case you should think ahead and be prepared. It would be very wise to start an emergency fund or open a savings bank account for an emergency situation before you close the deal on a home. That way, if something were to come up in the future, you know you can handle it without going bankrupt. Keeping your investment safe is also a top priority. Protect yourself from lien problems and other unwanted situations lurking in the past. Title insurance can give you the peace of mind you need. Contact us today and let us guide you through this important decision.

Other Responsibilities of Buying a Home

Purchasing a house is not just a financial responsibility, it also requires time and effort to maintain. Some people consider renting to be easier and more stress-free because there is usually someone to call when something goes wrong. Normally, if there is a leaking faucet or a problem with the pipes all you need to do is dial the property manager and have it taken care of. However, when you buy a home, all of that, is your responsibility. You need to find a plumber or fix it yourself. You also need to consider that your new home will require several maintenance jobs even if it is in great conditions. Over time and with use, your house will need to be conditioned, painted and repaired and you also need to take those expenses into account.

When Buying a Home Not a Good Option

There is also another highly important thing to consider. Even if you have the economic solvency to cover all your payments and keep the house well maintained, you need to consider the purpose of your home purchase. If you want to purchase a home to live in, you should be committed to living in that house for at least a few years. Many don´t take this into consideration. If you are looking to purchase a house just as an investment then this may not apply. However, many times we see people lose money because they did not consider that the purchase of a home means that they can´t easily move to live elsewhere. If you love to travel, or get anxious at the thought of living in the same house for years then purchasing a home at this point in your life may not be the wisest option. Renting can give you the freedom of yearly contracts or even six-month agreements and this works very well for some lifestyles.

When You Decide to Buy a Home Be Sure to Get Title Insurance in Grand Junction

If you are ready to commit to a house or want to purchase a home as an investment then make sure you protect your money. Do not rely solely on the lender´s title insurance and make sure you also get covered with owner´s title insurance. Learn about title insurance and keep your investment safe. Get informed today, contact the best title insurance company in Colorado, dial (970) 255-7677 today.