When is it NOT right to buy?

    Is it the right time for you to buy? Stepping into a mortgage is not always the easiest thing to commit to. Cost, value, your position in life, and many other factors all weigh in on whether or not you should make the jump. The following are some things you should be looking at to determine whether or not you are really ready to buy a home.

    Why-won-t-

    • You plan to move from the area within the next few years.  Buying a house means that it is yours, and you can’t walk away from it.  While the market is improving, if your house isn’t priced right and up-to-date, buyers are going to chose other purchases than yours.  A lease is over when it’s over, but there’s no guarantee sell by date on a home.
    • You are inflexible. Buying is better suited for you when your life is on a steady course. If you are still in your globe-trotting youth and out to see the world, unless you want to also manage house swapping or renting, buy when you’ve settled down.
    • You expect a job change or income reduction. Similarly, if you plan to earn enough money to return to college, become a Hollywood celebrity or join the Las Vegas poker circuit, home ownership probably isn’t for you. You can, however, opt to co-own, buy well within your means, say a tiny condo in an affordable community, or use some other affordable home-buying strategy.
    • You are on a tight budget.  Remember that  your mortgage will not be the only cost.  When you rent and the pipes burst or the heating goes out your rent covers your cost of those repairs.  Your mortgage does not.  You can’t call a landlord for emergencies and will need to take care of those costs yourself.

    It’s a good time to buy when your finances, planning, goals and lifestyle mesh with the financial responsibilities required for home ownership.  If you need more help on if it’s the right time for you, contact Helen today at 847.967.0022 or email helen@helenoliveri.com.

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