With interest rates at a record low, it seems that everyone is talking about owning a “piece of the American dream.” Perhaps you want to buy a house but aren't sure if it is for you. Your apprehension is understandable, as the investment is a major decision requiring a good deal of thought and planning. The team at East Coast Realty in Martinsburg, WV, share some advice to help you make the best decision for you.
What to Consider When Buying a House
Do you have the money to purchase a home? “No money down” doesn’t mean you won’t have to shell out some cash to buy a house. There are also several expenses to consider at closing, including title and lender’s fees, as well as mortgage points. You want to have enough for this, plus funds for the first two to three months of living expenses.
When something goes wrong, there is no landlord to call. You are solely responsible for every aspect of maintaining your home. This may not bother you if you are fairly handy. If not, you’ll need to hire someone, which is an added expense.
Are you ready to plant roots? Meaning, are you sure you will remain in the area for three to five years? If not, homeownership is not for you. Houses don’t appreciate enough within that period to make the investment financially worthwhile.
Factors to Think About When Renting
There are lending options for those with bad credit. If you are in that situation, however, you’ll pay a significant amount more in interest and fees to buy a house, so it’s better to continue renting.
If you live in a market where home prices are high, purchasing a house at an affordable rate will be difficult. If you intend to stay in the area, renting is probably a better option for you.
Are you prone to relocating frequently? Doing so is difficult as a homeowner. Demand for housing fluctuates regularly, so your home may not sell as quickly as you would like. If you are still enjoying the freedom to come and go as you please, keep renting.
There are many factors to consider when deciding whether you should buy a house. Take the time to make the best decision for you. If you need expert advice, turn to the team at East Coast Realty; they are dedicated to finding the perfect solution for each client. To schedule an appointment, call (304) 267-7188. You can also visit them online for more tips and news about buying and selling.