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Believe it or not, not everyone should buy a home right now, even with today’s property values being so historically low. It’s even tougher to make this suggestion with the mortgage rates being even lower, and they are.
Because of these reasons, a lot of people think that they have to buy a home immediately.
Regardless of the economic climate, many people think that they should buy instead of rent. Some of those people are absolutely correct, but many are not.
All of the time, I hear things like, “I can’t stand that I’m wasting my money renting. If I buy a home, it will be going toward something, at least.”
If you are one of these people, then what you are about to read is going to shock you.
Do NOT buy a home right away!
Keep in mind, the author of this article comes from a company that buys and sells houses in Farmington Hills. So our business model prefers that you buy a home; however, it is not always the right thing to do.
You might not be ready! Play house first!
A lot of soon-to-be home owners tend to have no idea about the costs involved with owning a home. You have to pay for home insurance and property taxes. When you combine these with the mortgage, many people are paying a whole lot more each month than they planned, but they only realize it when it’s too late.
We have not even mentioned that you have to pay for your own maintenance now, unlike most renters. Plus, there are always things to fix and improve.
So we suggest that you “play house” before actually buying a house.
What does that mean?
Talk to an experienced real estate professional about how much your actual cost is going to be once you buy the home and begin living in it. Ask about the (a) property taxes, (b) home insurance costs, and (c) approximate maintenance costs.
This last one is important. If you buy an older home, because it is more affordable to purchase, it will likely come with more repair needs than a newer, more expensive home.
If you live in a home that needs repairs but don’t have the money to fix it, suddenly your home begins to decay, and the property value will drop with it.
So what should you do?
For three (3) to six (6) months, pretend like you have to make a house payment that includes all of these costs. Act like you have to pay that much, and do not touch the “extra” money that you’re paying, no matter what. See whether you can handle it.
If you see that you can handle it without too much difficulty, then you’re probably ready for that house.
If not, it’s sure better to find NOW than after you get your 30 year mortgage. Then it’s too late, and you might stare bankruptcy in the face, and that is one ugly looking face.
There still are plenty of benefits to owning a home; so do not be scared from buying, if you’re interested. However, you should play house today so that you know for sure that can really enjoy living in your home later.
Darrick Scruggs has over 15 years of real estate experience and can help “ordinary” home buyers and real estate investors. He knows how to help home buyers obtain financing and whether they might qualify for special down payment programs to make it easier for you to buy homes. For investors, he knows how to help them find a deal and rehab the property. For more information, you can visit their website at http://www.homesforsaleinfarmingtonhillsmi.com. Send an e-mail to FarmingtonHillsHomes@gmail.com, or call (248) 796-8616