If you’re one of these many buyers, ask yourself the following questions to decide whether you’re ready to purchase a home:
- What will the next decade hold for me? Okay, we realize you don’t have a crystal ball, but having an idea of what the next 10 years may bring is important. The housing market has improved, but people aren’t seeing the rapid equity gains they did back in the late 90’s and early 2000’s. If you think you’ll transfer or move in the next five years, renting may make more sense than buying.
- Can I afford to buy right now? One of the worst home buying mistakes people make is getting into a mortgage payment that is over their heads. Just because your lender pre-approves you for a certain amount, doesn’t mean you can comfortably afford that mortgage payment. Make sure you have enough wiggle room so your savings, retirement, and emergency fund goals can still be met after your mortgage payment is made.
- How handy am I? Are you a DIYer or are you more apt to call repair personnel? Once you’re a homeowner, there’s no more landlord to call when things go awry. All of your home’s repair and maintenance costs will be your responsibility, which is another expense you will need to plan ahead for.
Are you one of the many millennial home buyers trying to figure out if now is the right time to buy? Contact First Option Mortgage for helpful information.
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