The decision to purchase a home is a big one, and shouldn’t be taken lightly.  I would say the majority of my clients have already weighed the benefits and are making the decision based on secure reasons.  But there are the exceptions, the people that purchase a house for the wrong reasons.  I hope you find some value in this article when deciding to make the big move yourself.

4 Reasons NOT to Buy a Home:

 Because it is “the thing” to do

Buying a home should be a decision you make because you see the value, not because everyone else is doing it.  Not everyone’s financial situation is the same, so no one should feel “pressured” into purchasing a home just because their family and friends are buying one.

Just Because You Can

If you are qualified and able to buy a home, doesn’t mean you should.  A home is a big responsibility, make sure you are aware of the pros and cons before you leap into home ownership.  Preparing for a home is a good time to assess your spending habits and day to day routine.  You will want to make up a budget prior to buying a home and make sure you talk to a Qualified loan officer to assess your qualification.

Your Job Situation is Important

When you buy a home you go through the The mortgage process,  you will be required to provide information about your job and residency history (Here are the documents you need for a mortgage pre approval)  once you close on your home you will probably want to stay there for awhile.  So ensure that your job isn’t planning on moving you around in the near future, or that you don’t have a job that requires significant long distance travel.  These are inconveniences that may make it difficult to buy and maintain a home.

Maintenance and Repair

Owning is different from renting for obvious reasons, and some of the reasons are repairs.  If you rent and the water heater goes out, you call the landlord.  If you own the home, you ARE the landlord.  So ensure you have taken the proper steps to formulate a budget so when these things arise, you are prepared.  There are many resources on budgets and planning if you look online or you can Ask a professional here.

4 Reasons you SHOULD  Buy a Home:

It’s Time

You have spent the last 10 years renting and you’re tired of having nothing to show for it.  This is a good indicator you might be ready to take the next step into home ownership.  Many of my clients are frustrated with the fact they’ve spent so much money on living expenses and do not have any equity.  Many people will make this decision has their family or career grows.

Equity

Equity is often the #1 reason people buy a home.  As mentioned in the previous paragraph, renting builds zero personal wealth.  As time goes on you will find rent increases, if you purchase a home now you find your mortgage payment remains the same.  There will come a time when rent in the future will exceed the mortgage payment Today.

Independence

Another key factor in peoples decision is the pride they feel when they can call something their own.  You can pain, renovate and change your home to your specifications.  Something you are not able to do with a rental.   Here is a List of home projects that you can do to increase value as well.

You Are Secure in Your Job

This is a big one, you should be confident in the future of your career before making a long term commitment like a mortgage.  You can always sell your home with a Qualified realtor, but it’s important to understand your ability to stay in the home and be comfortable making your payments.  A house is a great place to grow and develop many aspects of your life including family and friends.

Stability

This was the reason I bought a home, I had rented for several years prior to buying my first property.  The landlord decided to sell the home we lived in, and it caused a sense of anxiety.  I felt I had not secured proper housing for my family, a feeling I never wish to have again.  So I decided to buy a home an ensure this did not happen again.  Your reasons may be different, but a home is a great sense of stability that makes most people feel comfortable.  It grows community and increases the value of many peoples lives, monetarily and emotionally.

 

I hope you found this article helpful, you can always contact me here if you have further questions about buying a home.  We have many tools available for you to play with on my website.  Including a Loan calculator.

Please reach out when you have questions!

 

 

 

     www.mortgagegreenbaywi.com

  Get weekly ratesNewsletter | Facebook

 Mortgage Programs  |  Apply Here | Reviews

 Justin Scott

Loan Officer

NMLS 878581

  1. C) 920-530-4484
  2. O) 920-490-8823
  3. F) 920-490-8967

Executive Mortgage

NMLS 271650

909 . E Walnut Street

Green Bay WI 54301