Unsure If It’s The Right Time to Buy a Home?  Five Questions That Can Help You Decide……

 Homeownership can certainly be a wonderful thing!  With the expectation that your real estate value will likely appreciate over time or certainly maintain a stable value which will help diversify your overall net worth. There are many advocates that will provide both “Pros & Cons” of owning a home, however, the choice is a personal one. So be sure that it’s a choice that best fits you!

 A few questions to consider when deciding if it’s the right time to buy.

1. How will my total mortgage payment (including principal, interest, taxes, and insurance) compare to my current housing cost?   
   • Will it be lower? Will it be higher? What is my comfort level with regards to total mortgage payment? What is my purchasing power with a mortgage payment that I feel comfortable with?
2. How long will I live in the area where I am considering buying a home?
   • I do not see relocating anytime soon. (Purchasing a home may be an excellent option as opposed to paying lease rent for an extended period of time.)
   • My employment or possibly other reasons may cause me to relocate within a few years. (Consider whether you would keep the home as an investment property or if you would likely sell the home. If keeping as an investment property, take some time to review what local lease rent figures look like.  If you would likely sell the home, take a close look at what the fair market value of the home would be after a few years to make sure that you have sufficient equity to cover both the mortgage loan balance plus all costs associated with selling a home.)
3. Do I have enough reserves to cover any repairs to the home not covered by any warranties if something should happen? (This can sometimes be a little concerning for new homeowners, but home warranties can be obtained when purchasing a home that can help offset some of these unexpected costs.)
4. How likely is it that my lease rent costs will increase over the next few years? (This should also be taken into consideration, as housing rental cost increases can sometimes become unaffordable. Moving to a new residence is always an option, but moving costs, utility transfers…. etc, should also be considered.)
5. Am I just ready to have my own place?   (Sometimes it is just that simple and you are ready to have a place to call your own. Where any renovations are yours and do not require the approval of a landlord.)

If you have more questions or concerns and simply need a resource for your home buying process.  I can help even if we are not your lender of choice.  With licensing in mortgage lending, real estate and all property, casualty, life, health, and title insurance lines, I would be more than happy to simply be a resource of information if you need it.  

More questions or concerns.   Email dstiefer@att.net, don@uffcmortage.com or call (580)695-9369.