Sales Resources
Are you ready to buy?
When deciding if the time is right for you to buy a home, there are many factors to consider.
If you want to live in this area for only two years or less, renting will probably be better for you.
Ask yourself why you want to buy a home.
If you want to establish stability and permanence, it will be more important for you to consider the condition of the house, local schools and neighborhood instead of market conditions.
If you need more room for you family, ask your lender about any special mortgages they may have for first-time buyers.
If you need to be closer to work or your children’s schools, the savings in transportation may offset the cost of buying a home.
If you want to move closer to cultural and community amenities, remember that a lot of nearby amenities will help the house will retain more resale value.
If you cannot make your home repairs yourself, remember to figure the cost of regular maintenance into your home- owning budget.
Be sure you are not feeling pressure to buy because of family, peers, or a great market. The real estate market “swings”, sometimes favoring buyers, sometimes sellers. Even if the market is great for buyers right now, it will be again.
Generally, you will need 25% of the purchase price up front for down payment, closing costs, and other fees that need to be paid right away, and you will want your monthly income to be at least three times your mortgage payment.
you’re still not sure if it’s the right time to buy, make a list of all the pros and cons of owning a home. Don’t forget to consider how your everyday life will change when you own your own home.
