Now that you know what you are looking for in a home you need to ask yourself the next set of questions:

  • How long will I live in this home?

Most people stay in their homes 5- 7 years before moving.  If you think you may be moving again in 2 years or less it may be better to rent than buy a home.

There are many costs incurred with purchasing a home. If you plan on moving sooner than 2 years you probably will not recoup many of these costs making it a questionable decision to purchase a home now.

  • What changes do you see in your life in the next 7 years?

Whatever you see yourself ,or your family, doing in 5-7 years think about what your home will need to have to allow those changes. Will schools be important to your family? Proximity to bus lines, hospitals, or airports?

  • Have you looked at your financial future?

Sit down and think about your finances. Where do you spend money, how do you save money, and what should you change? If you are living beyond your means, a lender is not going to  take the risk of loaning you money. If you have, or had, financial problems in the past learn how to change those problems in the future. It may take some time, but you can change your spending habits so that you will be able to purchase a home in the future. But for now you may have to rent instead of buy a home.

If you have saved money, spend wisely, and have a plan for your future lenders are going to love you! And now is a great time to purchase a home

 

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Betty Hesaltine

Richmond, VA

More about me…

Sarah Bice and Associates Real Estate, LLC

Address: 5350 Twin Hickory Road, Glen Allen, Va, 23059

Office Phone: (804) 421-7777

Cell Phone: (804) 651-3741

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Information on purchasing and selling homes in and around Richmond, Va.


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