Is now the time to buy? 6 things to consider before buying a home
Gene J. Puskar, AP
Reuters reported last week that home prices have been slowly but steadily rising for the last few months and it is anticipated that the low mortgage rates that we have seen over the last few years will soon begin to rise as well.
So is now the time to buy? Well, it depends. There is more to this decision than just the state of the housing market.
My wife and I, for example, have owned our own home for just over three years and have thoroughly enjoyed it. We love living in a house that is ours where we can decide to paint a room and do it. We don’t have to ask anyone’s permission. When I want to change the landscaping, I do. We love the independence we feel because we own our home.
However, home ownership is more than doing what you want. You also have significantly more responsibility. When something breaks, you have to fix it yourself or pay someone to fix it. When you are renting you just call the landlord and they take care of it. I have had to take time off of work on a few occasions to fix a broken air conditioner, repair a leaking pipe, and make repairs to my roof. In other words, with increased freedom comes increased responsibility.
Because of the increased responsibility of home ownership and the significant financial investment one makes to purchase a home, making the choice between renting and buying can be difficult. Here are six things to consider when you are thinking about buying a home.