If you’ve been renting for a while, you may have wondered if it’s the right time to buy a house. To help yourself make this decision, we encourage you to ask yourself the following questions.
- If you buy a house, how long will you live in it? The longer you intend to live in a certain place, the better it is to buy. However, if you think there’s a possibility that you could move within the next five years, it’s probably better to continue renting.
- Can you make a down payment? It is possible to buy a house without putting very much money down on the mortgage. However, if you decide to buy a house without making a sizeable down payment, keep in mind that your monthly mortgage payments will be higher and you may have to pay insurance on the loan.
- How stable is your current job? If your job isn’t very stable, or you are interested in pursuing other career options, it may not be a good idea to obtain a mortgage. However, if you have established yourself at your current job and you would like to settle down, buying may be the right choice.
- How do the costs compare? One of the main things you should do while deciding whether to buy a house is to sit down and figure out how the costs compare. In some situations, depending on the house you buy, it can cost less to make a regular mortgage payment than to continue paying rent. However, you need to keep in mind that there are many more expenses associated with owning your own home, too.