The fact is, maybe you shouldn’t buy a home.  It may be surprising that a real estate website would advise you not to buy, but Exclusive Buyer’s Agents would rather lose a client than convince someone to make a purchase that could undo them financially or personally.

We take our responsibility to the buyer seriously.  Exclusive Buyer’s Agents know the only successful real estate transaction is the one that you are thoroughly satisfied with your purchase and you’re able to enjoy your new home for years to come.

So, yes, there are situations when it would be a downright bad idea for you to buy a home.  Here are the top four:

  1. Frankly put, if you can’t afford the costs of home ownership.  Purchasing a home is an expensive proposition.  There’s more than the down payment, closing costs, and the mortgage payment.  There are taxes, insurance, furnishings, maintenance and repairs, as well as a series of recurring expenses for energy, water and other incidentals.  In many instances, you also need to budget for HOA fees.  If you haven’t prepared a budget that proves you can afford all these costs and more, then you should reconsider. OR…
  2. If you work in an industry in which Job Mobility is important.  If the line “To move up, you move out,” applies in your line of work or if your company tends to frequently transfer people in your position, then renting probably makes the most sense for you.  OR…
  3. If you don’t have the time, interest, inclination or budget to hire someone else to do the many tasks that a home demands.   Think yard maintenance, electrical, plumbing and carpentry repairs and a host of other chores that could require a significant commitment in time, effort or cost.  If you are short on either the time or money to handle all these jobs, you should reconsider.  OR…
  4. If you are buying with another person and you’re uncertain about the future of your relationship with him/her, now is definitely not the time to buy.  If you are in an unstable marriage that may be headed toward divorce, better to wait until the legal issues are settled before you purchase a home.  If you’re not married and not confident in the future of the relationship, better to not create unnecessary legal issues by purchasing property jointly.

ON THE OTHER HAND…

Buying may be a better choice if…

  1. You long for a place that is truly your own.  One where you can make your own decisions about paint colors, flooring, etc… AND
  2. You can qualify for a loan.  Many people still believe it is difficult to get financing, but if your credit rating is 620 or higher, and you can make a down payment equal to 3.5% of the purchase price, and you can demonstrate adequate income to pay the mortgage payment , you have a high likelihood of qualifying for a mortgage. (Note: There are some loan programs, such as USDA Rural loans, that require no down payment.  For details check with your lender.)… AND
  3. You can afford the costs of home ownership and maintenance.  As mentioned above, there are more expenses than just the mortgage payment.

If you decide now is the time to purchase a new home, protect yourself and save money, by connecting with a buyer’s agent.  We can help.  (CLICK HERE)