Reasons To Delaying Purchasing A Home
Most People Can't Wait To Buy A House
You're chomping at the bit and can hardly wait to buy a house. It's been a dream for a long time and now that you're financially in the position to be able to afford to maintain a mortgage, the wait is almost unbearable. It's always better if you can get into a home early on and enjoy the property while it appreciates in value.
Sometimes, Buying Should Be Delayed
Very few people think in terms of having to sell their home before it has had a chance to appreciate in value and such a situation is certainly one any homeowner would want to avoid. The initial costs involved in purchasing a home are barely covered in the first five years of home ownership, and if you are among the many who purchase a home with very little down payment, then having to sell too soon can leave you out-of-pocket in a big way.
Check Out Neighborhoods
There are some reasons to delay purchasing a home, other than the weight of carrying a mortgage. In today's job market, many people are having to be more mobile and less planted in a specific area. Before jumping into the real estate market in a new area, it's a good idea to rent first while you search around for the area or neighborhood that most appeals to you. Renting for several months gives you the opportunity to check out the area, find what you love, and avoid buyer's remorse that comes from buying a home too soon after arrival in a new location.
How Long Will The Money Last?
The estimates now tell us that people change careers seven times in a lifetime. Sometimes those changes are instigated by the individual, and sometimes the choice is made for them. Regardless, it is a good idea to hold off on purchasing real estate if the job situation seems to be tenuous. Perhaps the company you work for is talking about redefining itself, or restructuring. These are key words that spell "possible loss of job". While nobody knows exactly what the economy will be doing in five years, it is still wise to have an accurate picture of what your financial future will look like long-term before taking on a huge encumbrance like a house.
Buying A House Doesn't Fix A Broken Relationship
Perhaps one of the most difficult things any family can go through is a divorce. Sometimes couples feel that by owning a house, in effect "starting all over again", they can salvage their marriage. The principle is the same as having children to hold the marriage together. Often, it is not going to help and, if a couple takes on a mortgage in a bid to save their marriage, unless sufficient time has elapsed for the house to appreciate, they will lose even more. The financial burden on top of the broken marriage can destroy a person. It is far better to deal with the real issues at hand before taking on the pressures of home ownership.
