Will The Home You Re Considering Meet Your Needs In The Future

Category: Finance, Real Estate.

Buying a home is a major financial investment decision, a decision that can be filled with much worry and sleepless nights.

Buying at the wrong time however, could hurt you financially. Buying the right home, at the right time, and for the right price can strengthen your financial situation significantly. So, the Universal Law of risk and reward proves true yet again. If you are unsure about your future job situation, maybe the company is unstable, or if you are unhappy in your current job this might not be the right time to buy. Before you begin the process of buying your home consider the following: How long do you plan on living in the home you purchase? If you buy now and end up moving before your home has had time to appreciate in value, it could cost you to sell.

The national average is between 3% and 5% per year. Check the appreciate rate in your area by contacting your agent. At this rate, it s a general rule that you should plan on being in your home at least 3 years in order to recoup your investment and cover the selling costs of your home and buying costs of a new home. Pay close attention on the average over time and not to the spikes in the market. The higher the appreciation value in your area, the less time you ll need to be on the positive side buying/ selling process. Will the home you re considering meet your needs in the future? Are you planning on growing your family?

If you re planning on staying in your location for five years, consider what your needs will be for those five years. What will your childrens needs be as far as space in three years. Will you need an office space of your own to have a little privacy? If you have three children and two are sharing a room now at ages 10 and 8, will they still be friends at ages 15 and 13 in five years if they are still sharing a room? Plan for growth! Take some time and get a credit report from a credible reporting agency. What is your credit situation?

The better your credit is, the more options you ll have when choosing a lender. Don t rush into a purchase. If your credit is questionable you will probably still be able to find a lender, but your interest rates may be high and simply get you into more debt. Get credit healthy first.

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