Should you buy a house or not? There are four questions that can help you make this decision.
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Should you buy a house or not? There are four questions that will help you figure out whether buying or renting is better for you:
1. Can you afford it? How much money do you make and what debt obligations do you have? Can you reasonably afford to purchase a home? If you’re not sure, then the affordability calculator on Realtor.com is a great place to start.
2. Is it better to rent a home or buy a home? The answer to this question really depends on your market. If you live in an area that has a very hot seller’s market and home values are appreciating quickly, then it might be more difficult to purchase a house. In that case, renting might be better for you. In other markets with decent inventory, you may be able to find the house that will work best for you.
How long will you live there?
3. How long can you stay put? It really takes about three to five years for homeowners to break even or make a little bit of money. When you purchase a house, you will pay thousands of dollars in closing costs. In about three to five years, the home will likely appreciate enough to cover those expenses. If you aren’t going to be in a certain area for at least three years, then it might not be a good idea to purchase a home. 4. Are you ready for this responsibility? Purchasing a house requires a lot of upkeep and maintenance. Some people might not be ready for that responsibility. You may prefer being able to call the landlord to fix any issues that arise. So, before you make that leap into homeownership, make sure that you are ready for the responsibility that comes with it. Hopefully, these four questions will help you figure out whether or not now is the time for you to purchase a home. If you have any other questions about the home buying process or about our current market, give me a call. I would be happy to help you!
