When NOT To Buy A Windsor Property For Sale

Posted in Buyer Blog | 12/03/2013

Windsor Property

Windsor Property

We have discussed the reasons why you should buy a Windsor property for sale, but there are times where buying a home today may not be in your best interests.  Let’s review some of the more popular reasons you should not consider a home.

1.  You won’t live in the home longer than three years.

With all of the costs you pay out when buying a home, and then turn around and sell in less than 3 years, it doesn’t make any financial sense and chances are, you will take a loss.  This is true when the housing market is soft.  If you are transferred frequently, or think you may retire and move away, you many want to continue to rent until you are certain you will stay in one place for a while.

2.  Starting a business or going to college:

If you plan on creating your own business, or maybe you are saving for college or attending graduate school in the near future, then you may want to reconsider buying a home right now until you have more money available.

3.  You have a limited budget:

If you have a very limited budget, yet you like to enjoy life and take expensive vacations, or maybe enjoy buying top of the line products, then perhaps buying a home with all of it’s expenses may be a strain on your finances.  Most homebuyers have a limited budget and often hold off buying anything that is expensive while they save for a home.  If this sort of budgeting is something you need to do, but really don’t want to, then wait until your finances can handle an increase in your budget.

4.  You don’t like to save money:

Making mortgage payments is not the only cost associate with home ownership.  Don’t forget insurance, higher utilities, maintenance and those surprise repairs.  I always recommend buyers have 3 months of living expenses saved if possible if they are buying a home, particularly a fixer upper.  Emergencies happen all of the time, so if you are not sure you can save while buying a home, and not willing to lower your price range, then I would suggest waiting on buying a home.

5.  Your job is unstable:

If your job security doesn’t look too good, then you may want to think twice about buying a home until your situation is more secure.  Many buyers have held off on purchasing a home for this very reason and this is completely understandable.  Continue to rent until you feel comfortable moving forward.

6.  Because everyone else is doing it:

Some people feel that this is the last great time to buy a home.  With low-interest rates and an improved housing market, many feel this is the last time in a while where they will find affordable homes.  But don’t do it if your heart is not in it.  This is a recipe for a huge case of buyer’s remorse.  So buy a property only if it is something you really want to do, and not because others are telling you to do it.

7.  Unstable relationships:

imagesIf you are depending on your spouses or partner’s income when buying a house, yet that relationship is on shaky ground, then its best to wait.  What happens if this person runs off?  You would need to sell the house or buy them out.  Can your finances handle that?

8.  Bad credit:

The goal should not be buying a home with bad credit, but repairing your credit score.  Purchasing a home is expensive and can drain your budget, so now would be a good time to dwindle away credit card balances, pay bills on time and make changes to your spending habits.  Once this is done, and it can be done, then you should look for a home.

9. Travel nonstop:

Many people travel nonstop for their jobs.  If you buy a home that needs maintenance, and they all do, is this what you want to spend your free time doing?  For some, buying a condo may be the answer.  But again, if you are rarely home, and the homeowner association fees are high, is it worth it if you would rarely, if ever use the services, such as gym, swimming pool or other amenities?

While my job as a real estate agent is to sell homes, it’s not in anyone’s best interest to buy a home when they simply aren’t ready for it.  Buying a property should be a happy and well thought out occasion.  Feeling stressed and questioning your motives doesn’t sound like a good way to start a home search.  Making a wise financial decision should always be the goal.

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