When NOT to Buy Real Estate

When NOT to Buy Real Estate

 

Most people would probably think a real estate agent writing about NOT buying a house now must mean the agent has either lost his/her mind or is independently wealthy.  But, I believe there are a few times when the decision to buy real estate should be put on hold.  I'd be interested to hear what you think at the end of the article.

 

If you have recently changed jobs, you may have a hard time getting financing for a new home.  Instead of wasting valuable time looking for a home, a smarter option might be to continue saving for a down payment while maintaining a regular work schedule.  You could also work at improving your credit history by purchasing things on credit and promptly paying them off.  Once your current employment history and monthly income has been consistent for at least a year and you have a healthy down payment saved, then contact us to be shown homes for sale in the area you are wanting to buy in.

 

If you suspect you might need to change jobs soon it would be wise not to purchase a home.  The process of buying a home is expensive even if you don't consider the actual cost of the home.  Imagine being laid off or transferred shortly after buying a home.  If you're forced to make a quick sale of a home you just bought, chances are you could lose money.  Waiting until there is stability in your life might be the prudent choice.

 

If you're new to an area, it might be a good idea to explore it a little before jumping into purchasing a home there.  It can take time for the character details of different neighborhoods to reveal themselves, and buying in the "wrong neighborhood" is a decision that could affect you for life.  Renting for at least a few months can seem like a waste of money, but in fact it gives you valuable time to make a wise decision about where you want to live and invest your hard earned money.

 

There are other circumstances and instances which could make a buying real estate a poor choice at a given time, these are just a few thoughts.  I'd love to hear yours.  Leave your comment by clicking the "Comment" link below.  ALthough you need to supply an email address along with your name to leave a post, don't worry, your email address WILL NOT BE PUBLISHED here for anyone to see or abuse.  We are very strict about that, and hope you will leave us your thoughts on this topic.