A Home – When Should You Buy?

Home is a wonderful place to be. It is a place we look forward to going to. It can mean many things…is it a single-family house, condo or apartment?  For many of us, buying a “home” means a single-family house purchase. It implies permanence or semi-permanence. For many areas in America, it is considered a right of passage.

Is The Time In Your Life Right?

Have you been working at the same place for at least 2 years? Do you have a solid idea of the area you want to live in? Does the house you want and the stage of life you are in line up? A home for a bachelor will likely be different for a newlywed or a family with 2 kids and one on the way.

Do You Have Enough Money?

In addition to the down payment and closing costs, you will still need an emergency fund and a nest egg. Is this a sound financial decision for the amount you have saved and the stage you are in? Would it be better to wait a year? Sometimes a moment of pause is the best thing. No one can predict the future, but a major purchase such as a home requires some soul-searching.

Although there are many different loans types, the more you can put down, the better! Some loans require as little down as 3.5% – but may require more insurance. There are costs to consider in the long run. Unless your home is perfect, you may also need some money for basic repairs and updates.

Is The Economy On Board To Buy A Home?

Hindsight may not be 20-20, but it is more clear. No one can predict the future perfectly, but there may be better times than others to purchase a home. An interest rate can cost you or save you big time over the life of your loan. Keep this in mind and shop for the best rate.

Historically, purchasing a home has been considered a great investment. However, if you aren’t properly capitalized or informed, it may be better to rent for a little while. Be aware of what is going on in the world when you buy.

Here at Numerico, we want to help you with life decisions. We are more than an accounting firm. We want to connect and have vested interest in our clients’ success. Call us today for sound advice on your goals!