Buying a home is a major life decision. After all, it’s the ultimate American Dream—being a homeowner, having the perfect white picket fence, a neat little patio and all that. But you should not dive head-first and make a shotgun decision just because your family or friends have done it...You need to be more calculated. Take a step back so you don’t get blinded by the light of becoming a homeowner. You need to know and consider when the best time is for buying a house.
Keep in mind these three helpful insights to help you decide when the best time is to own a house:
Be financially stable. Everyone knows that the main determinant in purchasing a home really is one’s financial state.
Have you racked up credit card debt from purchases or bad investments?
Do you have a mountain of student loan you still need to pay off?
Or maybe you still don’t have a fixed income yet?
Whatever the case is, know that buying a home can strain the pocket significantly. For starters, a minimum of 20% is required for a down payment on the property. When you do successfully scrape together the down payment, you also need to think of the mortgage.
All around, it’s just better to be financially secure before deciding to buy a house.
Be committed to staying in one place.
Generally, it is a good rule of thumb to live in the home for a minimum of 3 to 5 years to break even on your investment. So, be certain that the area you choose to live in is a good fit for you. It helps if your workplace is accessible and if the neighborhood vibe and culture is to your liking.
It might be better to hold off on purchasing the house if you know you will relocate anyway or if you have plans on purchasing another house in a year or two. In the long run, it would be better to just stick it out and save your money for the actual home you want to buy and reside in.
Be prepared to handle home maintenance and upkeep.
Home maintenance can be an intimidating chore, especially for a new homeowner. Remember the expenses don’t stop once you’ve put down the money for the house. You are now a homeowner. Home maintenance would now be part of your routine expenses. If the plumbing backs up or the heater breaks down, money would have to be shelled out for repairs. But if you lack the budget, time, and energy in dealing with the probable damage your house might incur, it’s probably better to postpone your home-buying.
Buying a home is a major milestone in life. For most people, the perfect time to own your own residential property is during a period of financial stability, among other factors. If you’re gearing towards this and feel like you are at the cusp of reaching your goal, you need to have a reputable real estate counsel who can guide you through this daunting process.