Prior to reading this post you might have said to yourself "This is an unusual title coming from a real estate agent" but it's true, there are times when it's smarter for you to wait to purchase a home rather than find yourself in a position you're not quite ready for. Here are three reasons why you may want to wait:
- You could possibly be relocating out of the state within the next year or two due to job demand. It makes perfect sense to rent for a while if you're employer has told you that they may be looking to relocate you or your division to another place.
- You don't have any money. This may sound strange to some people but broke people buy homes too! If you have decent credit, a job, and just enough to make the entry expenses you'll be fine getting into a home. However, what happens when the water heater goes out and you didn't purchase a home warranty? Or what about when the property taxes go up and it changes the amount of money you have to pay in your mortgage? Are you going to be stretched for cash? Remember, you're the owner of the property which means ALL expenses fall on you! Are you prepared to take that on?
- You're not emotionally ready to commit to ownership. Sometimes it has nothing to do with money or rather you're going to need to relocate in the next few months. Sometimes it just have to do with the fact that you're not prepared emotionally for ownership. If you find yourself constantly second guessing yourself or when you come to the right property that meets your needs but somehow you feel noncommittal, it may be in your best interest not to buy.
Homeownership should be exciting and something that brings one great pride. But sometimes buying is the last thing you should do.