Is Right Now The Best Time To Buy A House?

Home Buying Tips

Buying a house is most likely one of the biggest financial decisions that you will ever make in your life, which is why it is so important to make sure that you can really afford a house before you buy. Ask yourself these questions when deciding if right now is the best time to buy.

  • Are home prices increasing? Across the country, home prices have been steadily rising, which means you may be able to get a house for the lowest price possible right now. However, if you are planning on living in your new house for at least 10 years, the equity that you build up with the property can make waiting a little longer to build up your savings worth the higher price.
  • Can I afford a 20 percent down payment? While there are loan options that you can qualify for with a down payment as little as 3 percent, it may not be the best option. Putting down at least 20 percent for your new home can help you avoid paying thousands of dollars’ worth of mortgage insurance and help you save thousands on the cost of the house over time.
  • Can you afford repairs and maintenance? When you own a house, you are responsible for all maintenance needs to keep your house safe, including cleaning out the gutters, fixing the HVAC system, and replacing the roof. Make sure that you have saved up enough money to cover these costs when they come up.
  • Have I budgeted for monthly expenses? Owning a house is much more than just paying your monthly mortgage payments. You also have to consider what you will be paying for towards the interest, as well as your monthly utility bills.

When looking to buy your next house, contact professional Realtor Cary Amo in Lafayette, California.

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