Should I Buy a House or Should I Wait?

Recent studies show that nearly 90% of millennials say owning a home is one of their most important goals in life. 

No matter your age or where you’re planning on putting down your roots, you’re well aware that purchasing a home could very well be the biggest investment of your life. 

But is now really the right time to buy a house — and how can you tell? 

If the question, “Should I buy a house?” is keeping you up at night, then read on to get the tips you need to make up your mind. 

Consider the Mortgage Payment

One of the first things to consider is the monthly mortgage payment and the interest rate.

With your current income level and savings, can you truly afford it? 

If you’re without income for a few months unexpectedly, can you still afford it? 

Negotiate with lenders and shop around to get the best deal. 

Research the Location

One of the biggest reasons not to buy a house is because of its location. 

We don’t just mean you need to evaluate the “trendiness” of your neighborhood or city. We also mean how its location impacts your daily life and future. 

Do you really want to do an hour-long commute everyday? Are there lots of job opportunities in the area so that, if something does happen with your job, you can find employment quickly? 

Are businesses opening up in the location, or do they always seem to be closing down? 

Evaluate the Property Taxes

Homeowners pay an average of close to $4,000 in property taxes each year. 

When asking yourself, “Should I buy a house?” make sure you can afford the property taxes in addition to the mortgage. Remember you’ll also need to be able to pay for maintenance, upkeep, and any repairs/renovations you plan to do on the home. 

Those costs can add up quickly. 

Know the Market 

When you’re house hunting, you’re bound to come across a home you absolutely adore. 

However, one of the main reasons to buy a house — or to not buy it — is the current condition of the real estate market.

Are you truly buying at a time when you can get the best price? Is the market currently inflated? What are the average home loan payments at the time you’re buying?

How long has the home been on the market? Can you negotiate a better offer? Is this location and home future-proof when it comes to protecting your investment? 

These are all questions you need to have answers to before you make a final decision. 

Still Asking Yourself, “Should I Buy a House?”

If even after reading this article you’re still asking yourself, “Should I buy a house?” then it’s likely a sign you should wait. 

That way, you’ll get the best house and the best price — and avoid buyer’s remorse and financial ruin. 

Need more tips on how to finance a home? Looking for decorating advice? 

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