Having lived in tiny apartments most of my life, it's tempting to think about how nice it would be to finally move out of the city and into a house with a backyard and a real driveway. (The luxury!) But with our wedding just around the corner, the harsh reality is that my fiancé and I may not be able to afford to move just yet.
If you're anything like me, it's easy to compare yourself to friends who are already homeowners. And with mortgage rates at historic lows, it seems like now's a better time than ever to buy. But before you make the leap, take a breath, and read this article. Buying a home's a really big decision, and you should make sure you're doing it for the right reasons.
Three questions every potential homeowner should ask themselves:
1. Why do you want to buy a house?
Sure, you'll have the freedom to finally paint your walls, say goodbye to your landlord, and even potentially get some tax deductions. But buying a home could also tie you to one place, which could be a challenge if you have some kids, or land your dream job across the country.
2. Are you emotionally ready?
Buying a home is exciting. But keep in mind that the costs and time involved in owning a home could interfere with other goals you're planning for, like saving for college or starting your own business. Are you emotionally prepared to make those sacrifices?
3. Are you financially ready?
THE BOTTOM LINE
Wanting to buy a house doesn't necessarily mean you're ready to buy a house—and that's OK. Before you hit the open houses, really consider the financial and emotional implications to see if now's the right time to make the move.
TAKE THE NEXT STEP
Ready to buy? See how much house you can afford with this simple calculator.