How Do You Know When to Buy a Home?

Whether you are a first-time homebuyer or you are looking to downsize, it’s incredibly important to ask yourself these five questions when coming up with your home search plan.

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If you want to buy a home, what is your plan? Right now, there are a lot of buyers coming into the market. There are a number of first-time homebuyers as more and more millennials enter the market, and there are also many baby boomers looking to downsize. No matter what walk of life you are from, there are a few things you should consider if you want to buy a home: 1. What are your goals for the next five to seven years? Figure out what your long-term plans are. 2. Are you financially prepared? A lot of baby boomers are able to use equity from their current home to finance the purchase of their next home. Reverse mortgages are also on the rise. Millennials need to have their down payments ready. 3. Are you emotionally ready? Millennials may be moving out of their home for the first time, while baby boomers may be selling the home that they raised their families in. We are here to talk you through the good, the bad, and the ugly. Obviously, there are many advantages to buying a home right now, especially if you are a first-time buyer. Owning a home is one of the best investments you can make. For millennials, owning a home is the first step toward financial independence. Baby boomers need to consider where they want to spend their time and money during retirement.

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Has your lifestyle changed recently?

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4. Will owning a home pay off in the long run? Without a doubt, owning a home is a good financial investment. You don’t get a return from renting, but there will always be a return if you own. 5. Has your lifestyle changed? Obviously, millennials and baby boomers are going through a change. Move-up buyers may need more room than they have in their current homes. Whether you are having a baby or your kids are leaving the nest, you may need to make a move. Many baby boomers are leaving their 3,000 sq. foot houses with an acre of yard to mow for communities with amenities and restaurants within walking distance. Asking yourself these five questions will help you figure out your home buying plan. If you have any other questions for us, give me a call or send me an email. I would be happy to help you!