Buying Your First Home, Now or Later?
Scott P. Rogers
I have met with multiple first time buyers in recent weeks who are trying to sort through if they should buy a home now... or if they should keep renting for now.
Perhaps you find yourself in that situation... to buy... or not to buy...
There are lots of different reasons why you might choose to go ahead and buy a house...
- you keep getting kicked out of where you are renting
- you're tired of moving from rental to rental
- your rental rate keeps going up
- you know you'll be living here for a while
- you have the means to make a downpayment on a home purchase
But there are also reasons why you might choose to keep renting...
- you might want to move to another city within a few years
- you have a great (super low) current rental rate
- you don't want a (potentially high) mortgage payment
- you don't have money for a downpayment
- your job might only last for another years
One important thread that runs through many of the discussions we will have is how you view your next few years... and how long you think your first home will work for you.
If your current income and budget only allow you to afford a house at price $___, which you think will only work for you and your family for a year or two, you might want to hold off for a bit to buy your first home.
If you love your new job, but might look for other job opportunities in and out of the area in the next year or two, you might want to hold off for a bit to buy your first home.
If you're getting ready to start a family (or expand your family) and the house you are considering won't work well once you have a child (or another child), you might want to hold off for a bit to buy your first home.
There are plenty of reasons why this might be an ideal time to buy your first home, but let's consider your life, family and work plans to make sure buying is the best move for you!
