Buying a home is a big deal. Knowing whether it is the right choice or not can depend on a variety of factors but two of the main questions that can help you navigate this decision include the following.
#1: Is it the right time for me?
This is not always an easy question to answer. Some factors to help guide this decision can include:
- Where do I want to live for the next several years?
- Am I happy at my current job or am I looking for a change?
- Do I have the savings and financial stability to afford a home?
It is important to note that this last point, the financial stability and savings portion, should include more than just the purchase price of the home. Homeownership comes with the potential for a need to replace high dollar items, like roofing or deal with termite infestations. It is helpful to make sure you have a financial cushion to get you through any potential issues before moving forward with the purchase of a new home or vacation property.
#2: Is it the right time for the market?
Next, dig into the market numbers. Is the housing market in your desired area a buyer’s or a seller’s market? These things can swing either way, so it is important to get current data. Well known real estate news service The Real Deal reports the residential housing market in South Florida is finally starting to slow down. Numbers were astronomical over the last few quarters so this summer may be a good time to consider purchasing that dream home or second property.
Bonus: How can I make sure there are not any surprises in the home buying process?
Buying a home is more than just a big financial deal, it is also a big legal deal. There is the possibility that a contractor or previous owner could come forward and challenge ownership after you buy the home. This often involves a dispute with the title of the property. You can reduce these risks and better ensure a smooth transition into homeownership by using legal counsel to conduct a thorough title search.