If you have been looking to buy a home, you may have a lot of things on your mind. Whether you’re getting a mountain luxury home or you’re buying the first home you’ve ever had, you want to make sure that you think it through first.
- Do we have to? The best time to buy a home is when you absolutely do not have to. Why? Because you have time to take a risk or to wager. If you have to buy a home, you’re usually more rushed and will be more willing to take a deal you could have held out for.
- It may be better to rent. Figure out taxes, interest, and all of those things alongside of the initial house payments. It may be better to rent; that’s the decision I made for myself right now, but it may be different in a couple of years.
- Do I have to renovate what I’m looking at? If you’re looking at a fixer-upper that’s fairly inexpensive, you may or may not want to take it. Do you really have the extra income to fix it? Do you have the time to fix it? If not, you may not want to take the risk.
- What are interest rates looking like? Interest rates are iffy in a bad economy. Even though a house price may be fairly inexpensive, the interest may be higher than you’d want and you may not be getting the deal you may be thinking you’ll get.
- Is my job secure? In this economy, this is the most important question. If there is any risk of losing your job (or your co-signer/spouse losing theirs), you need to figure out if you can live off of what you have on top of paying for a house.