Deciding to Buy a Home
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The decision to buy a home is probably the most significant–and therefore somewhat daunting–decision you will make in life. Many factors come into that decision making process. Perhaps the most important questions to ask yourself are:
- What are my reasons for buying?
- How long do I plan to stay in the home? In the area? In my current job?
- How will my current financial situation affect my ability to qualify for a mortgage?
- What aspects of the current real estate market should I consider?
You Want to Buy Because…?
Consider your wants vs. needs, along with your goals and objectives. Because inside your head can sometimes be a sort of busy place, writing down your thoughts will assist you with defining your true considerations for buying a home. Begin by creating two very practical lists: “My Needs in My Next Home” and “My Desires For My Next Home.” Next, prioritize those things into highest, middle, and lowest in terms of your interest level. This self-assessment will help in making the decision TO buy and again later as you consider homes to purchase.
Has Your Income Increased?
If your income has grown, purchasing a home might be a great idea from the standpoint of income tax and/or business incentives. For example, owning your home versus renting allows you to benefit from tax credits and builds equity for the future.
Have you made the decision? There are things to do next! Click on the Preparing to Buy icon at the top of the page and move on in your home buying journey!