| One of the major life experiences you'll have is | | | | don't think that you'll be in the same place for the |
| buying your first home. In order to succeed | | | | next 3-5 years then you probably shouldn't buy |
| financially you don't need to buy a home, but | | | | one. If you're a first time home buyer this is |
| there are certain financial benefits to home | | | | especially true. Owning a home uses up a lot of |
| ownership. During the course of your life, you are | | | | money in the cost of the transaction. You'll want |
| hoping that your real estate will appreciate in | | | | to make sure you'll keep the house for at least |
| value, as it's been shown to do historically. Also, at | | | | five years to make the process worthwhile. If |
| some point, your mortgage will be paid off and | | | | you have other things you want to accomplish, |
| you'll significantly reduce your housing costs. If | | | | like starting a business, you might want to wait |
| you are renting, your housing costs only get | | | | until the business and running and making a profit |
| higher and higher every year with inflation. Here | | | | before you decide buying a house is a good idea. |
| are some things to consider when deciding to buy | | | | Do you research. Make sure you read a book |
| a home: | | | | about the home buying process to give yourself a |
| Get your financial ducks in a row. You should do a | | | | primer on what it all involves. Even if it's not your |
| full analysis of your finances before you buy a | | | | first time buying a home you'll want to make sure |
| house. Think about your current budget, how | | | | you understand as much of the process as |
| much debt you can afford, and what sort of | | | | possible. Don't simply use your own experience as |
| financial goals you have for the future. Double | | | | your guide for this purchase. |
| check that your housing expenses will still leave | | | | Stand by your decision. Once you've decided to |
| room for you to save for your retirement and | | | | buy a house, stand firm in your decision. Many |
| complete other long and short term goals. | | | | people might try to dissuade you or give you |
| Whatever you do, don't make your purchasing | | | | reasons why you should use your money for |
| decision based on how much of a loan a lender is | | | | other investments or other projects. When |
| ready to give you. | | | | you've made up your mind and done your |
| Make the determination that now is the time. Just | | | | research and ran the numbers and it's all making |
| like the decision to have children, it will never | | | | sense, the best thing to do is take action and |
| seem like the right time to buy a house. If you | | | | work your plan. |