Are you ready to buy a home? Whether it’s your first home or your fifth, you may be wondering if it’s a good time to purchase. Mortgage interest rates are on the rise, so why not buy now and save money? You may be debating between waiting for the house that’s perfect and the house that’s perfect for right now. The choice lies in what you need to take into consideration.
Here are a few points that would help you to know whether you should you wait for four dream house or settle.
If you are moving for a job or need to be location in particular place, you may want to settle for something less-than-perfect. If you absolutely are only looking at, say, townhouses in Connecticut, chances are you might want to jump when you find the right one. Places where the market is booming have houses flying off the metaphorical shelves, so take the plunge when you find something great if you are limited to a particular area.
Especially if you are moving for a job that starts within a short amount of time. You don’t want to move multiple times into apartments or short-term living arrangements, which can be both costly and stressful. However, if you work from home or location isn’t a big factor, it’s okay to hold out.
If you find something within your price range that is a good buy for the cost, you might want to jump on the deal before someone else does. Bidding wars are becoming more common with the market as active as it is right now, so snagging a home at an incredible price means you can spend the money you saved on ripping up those less-than-desirable carpets and updating the appliances, turning a good home into a great one. On the flip side, if you have a lot of money to work with and you are happy with your current living situation, saving up for a larger deposit for your future dream home is a smart financial decision.
Some buyers jump at the chance to own a home they believe is perfect, but have buyers remorse the second something perfect comes on the market. This is a decision you have to make after really understanding who you are as a person. I am someone who makes a decision quickly and never regrets it. To me, a house is only perfect once I make it a home, when the finishing touches are added and memories are created within.
However, if you are an extremely aesthetic person, waiting for the right home may save you a lot of regret and uncertainty in the long run. There is nothing worse than buying a new dress for a party just to see a better one for sale the next day, or purchasing a new phone just to have the newest model come out the next day. More than anything, follow your gut feeling. When it is the right home, your heart will know it.
Ultimately, it’s up to you and unique to each person’s situation whether they should wait for their dream home or settle for the home that is good for now. Take all factors into consideration and make the choice that’s the best for you and your family. Whatever you chose, know that it isn’t four walls that make a home, but the happy times you share with loved ones within those walls.