Trying to figure out the right timing for buying a home can be SO hard.
Things people ask:
- Do you have enough saved for a downpayment
- Do you have enough extra for emergencies, etc?
- Should you wait and get a bigger house?
Today I want to discuss how to figure out the timing and how you sometimes have to jump -- based on an educated choice.
I mean sometimes buying a house is just like knowing if you're in labor. It can be rough!
Here are 5 things to think about before you take the jump:
1. What type of life experiences do you expect in the next year?
SOME life experiences -- like a new baby, or growing teens that need more room may necessitate a move.
However, some OTHERS -- like extensive amounts of travel, death(s) in the family, etc -- might make it so it's a good time to stay put and not uproot.
Before you decide it's time to jump in the market, think about what's coming up and if it's a good time.
2. What money needs do you have?
If you have expected things like:
- A planned surgery (or some other medical procedure, like having a baby)
- Big vacations you've been planning for a while (make sure you have vacations budgeted)
- A car that's on its last legs that is necessary for you to make money (meaning you'll HAVE to buy a car soon)
If those things are coming up, and you're not in a financial place to fund them -- think about waiting. Of course, babies bring all sorts of needs (including space), so that is a whole other consideration.
3. Are you emotionally ready?
Moves take a lot out of a person, both financially and emotionally. You should be prepared and in a spot to be able to deal with the countless open houses (both to buy and possibly also to sell) and the time that will require.
If you're not in a spot where that works, maybe consider waiting?
Deciding if you're ready for a big move like a new home can be hard. But, also a very exciting time. Make sure that you spend sufficient time to plan out the event to make sure that you are ready for it -- and I think you'll be thrilled with the life changes it will make for you.
Of course, there is the other end of the coin where it would be a financial mistake to wait or an emotional mistake to wait if you hate your current situation.
So, just be very thoughtful as you make your choices.