Is It The Right Time For Me To Buy A Home?

The decision to purchase a house is a highly personal one, based on both tangible and intangible factors. Beyond your personal situation, local market conditions, financing costs, and future expectations must also be evaluated.

The following list of questions can help you decide if you are ready to move forward with a home purchase.

Purchasing a home is a huge decision. An expert Realtor can help you determine if now is the right time for you.

Image: Maggie Smith / FreeDigitalPhotos.net

PURCHASING CONSIDERATIONS

 

If you purchase a home, how long do you expect to live there?

What can you afford to pay each month for housing-related expenses?

What are the total costs of home ownership? These may include:

• Mortgage payments (based on various interest rate and term assumptions)
• Property taxes
• Homeowner’s insurance
• Utilities
• Maintenance costs
• Any other special fees?

Do you expect these housing-related expenses to increase or decrease? (changes in interest rates may be a bigger factor than others) 

What additional expenses are required to complete a purchase? (closing costs, moving expenses, etc.)

How much will your home ownership costs decline after adjusting for interest expense deductions and property taxes (if applicable)?

Are local market prices favorable to purchasing?

What are your expectations on future prices?

Do you qualify for any special purchasing assistance programs that can help reduce the cost of home ownership?

OTHER FACTORS

 

What are your personal preferences regarding the type of housing you wish to live in?

How does location factor into your housing preferences?  

How do you expect your personal situation to change, in terms of future housing needs?

What are your expectations concerning future employment?

What are your long-term personal and financial goals?

 

If you're thinking of buying a home in the Dallas or Richardson area then you have found a great resource to help you identify if buying a home could be a good fit for you at this time. If you won't be paying cash then a great first step is to check out the availability of financing. We work closely with our preferred lenders who are able to identify when it would be a wise decision for you to be able to buy a new home. Also, with the Dallas and Richardson area job market relatively stronger than other areas and the historically low mortgage interest rates it is an opportune time to purchase a home and begin to create long term wealth for you and your family. If you have a desire to know more about when and how we can get you into your dream home then give us a call today. 

 

If you could describe your dream home, what would it look like? 4 bedrooms? Media room? Pool? Waterslide? All of the above?

 

Alan Bayle

The Todd Tramonte Home Selling Team