Home prices are low, interest rates are low, mortgages are getting harder, but you’ve got a great credit history – sound familiar at all? There are many people who are looking at this scenario and deciding that now is the right time for them to buy. My questions is simple – is it really the right time for you to buy? More importantly, can you really afford to buy a home right now?
Lenders ask this question all the time – in fact, they based their lending policy on those factors. However, whether or not you can afford to pay a mortgage is not really the question – they question is whether or not you can afford a home.
Owning a home comes with a lot of added costs. You need to factor in costs such as maintenance, utilities, furniture, and perhaps even association fees. If you’re a couple and your mortgage is based on a joint wage, what is going to happen if one of you is forced out of work? You also need to live. Holidays, clothing and perhaps a new car should also be factored in to your calculations. There are a lot of couples that go without in order to buy a home – but think about it, it is a home so it should be enjoyed, not endured. If buying a home puts you into the latter category, then perhaps you’re not ready to buy.
I am not trying to scare you away from buying a home, rather, ensuring you have covered every factor in your home buying decision. There are a lot of calculators on the web, and most real estate agents have one, that can help you determine how much of a home you can buy, however, these calculators assume there is never going to be a change in your circumstances. History tells us that this is never true.
If you are buying a home to live in, if you have factored life into your home buying decision, and the answer is still yes – then welcome to the world of home ownership. If you are buying a home where your mortgage and financial situation needs to be endured, then think again, lower your sights, and perhaps wait a little – you may not be ready for home ownership. Home ownership may be an investment for life, however, it’s also the place for living and life.
Call me today to find out how you can own a home.
Al Grant Realty Group – Re/Max Allegiance
Office Phone: 202-580-6607 – Cell Phone: 202-256-8592
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The finest compliment I can receive is a referral from a friend, client or colleague. If you know of someone thinking of purchasing or selling a home, I would appreciate an introduction. Be assured, I will extend to them my highest degree of service and professionalism.