Contrary to popular belief, real estate is not always a good investment, and home ownership just isn’t for everyone. Let us explain…
You know we love love LOVE home ownership! (Duh, we’re Realtors®). But, home ownership it isn’t for everyone, and that’s okay! Before you take the leap, ask yourself these questions to decide if home ownership is a good fit for you and your lifestyle.
- Do I have an Emergency Fund in place?
Now may seem like a great time to buy – mortgage rates are low, and borrowing money is cheap (historically speaking), but home owners have found deals in all markets! Do you have funds available for repairs, maintenance and upgrades once you move into your new home? Despite how new or updated a home may be, you will always be working on one house project or another – trust us! Our friend, Dave Ramsey says that buying a home before you’re ready (ie, before you have enough funds) can be a curse, not a blessing! Make sure you set yourself up to allow for the blessing 🙂
- Not sure what part of town you want to plant your roots in?
That’s okay – rent a home, and get to know the area better! Renting for a year or two is such a short time frame in the big picture of life! Take this time to decide where you want to live and try out a few different areas by renting. Don’t commit to an area if you’re not sure it’s where you want to be.
- Going through some big life changes?
Don’t make a large house decision if you’re navigating other life changes – new job, new school, new relationship, family drama, you name it! Adding home ownership to the mix of other large changes in your life can drain the fun out of the process. Take your time, and make sure the time is right for you!
- Too busy to take care of a home?
Just rent! Seriously. Home ownership comes with ongoing maintenance, and it’s not all pretty like HGTV makes it seem! Maintaining a home takes time and attention. Worse yet, neglecting your home may cause you larger problems and headaches down the road.
Home ownership is an amazing thing, and we’re obviously big fans, but we also recognize it may not be the best option for you today! Ask yourself the questions above and answer honestly. Do YOU! (And give us a call if you want to chat through some of this more – all situations are unique!)