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4 Times to Wait to Buy
Are you a hopeful first-time homeowner? Or maybe you're looking to downsize. Buying a home always calls for a complex series of decisions (location, price, size), but there are certain times in your life it may pay to wait.
Baby is on the way. An incoming babe may seem like the ideal time to buy a home. However, pregnancy and fresh parenthood (especially if it's your first child) can be an overwhelming time to buy a property. Six months after baby is born, you may find you want to be closer to grandma and grandpa, or you may feel so rushed to find a place before your due date that you settle for something less-than-perfect. Take your time during pregnancy and in the year after to make sure your ownership goals are right for your new family.
Right after work relocation. If you're moving for work, rent for a while before purchasing a home. This way, you can organically get to know your favorite parts of town, and make sure the new job is a perfect fit before rooting in the area.
If you anticipate a big change. If you know big change is coming within five years--say, your youngest finally goes to college, or you expect to leave your current job--you may want to wait to purchase a new home. That large change may mean a shift in your housing wants, and unless you're experienced with home flipping or are snapping something up in a buyer's market, owning a home for less than five years can often mean financial loss.
Your credit score is less than ideal. If you'd need a mortgage to buy, and your credit score isn't in great shape, you may want to dedicate a year or two to improving it before starting the loan process. Better credit often means a lower interest mortgage rate, which can save you big bucks over the lifespan of your loan.
As a Member of the Top 5 in Real Estate Network®, I, along with my team, have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact our team any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.
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