Buying a home is a commitment. It's nothing to take lightly and not something just anyone should do. I recommend if you're planning on buying to stay at least 5-7 years. If you try and sell before that, unless the market is hot, you're going to barely break even. Selling a house costs a lot of money as well. Think through the entire process before jumping into the real estate game. Consider resale value, the cost to buy and maintain the home and the cost to sell. If this is something you are serious about, there is a right way to go about buying.
Time your purchase.
Timing your purchase is a crucial element to getting the right house at the right price. A real estate broker can help in this process. Time means everything in the purchase from locking in your rate and buying before it expires to finding the perfect home and jumping on the deal without waiting. This is why being prepared before looking at homes is so important.
Having the money ready to go.
Sure you can get really low down payment loans and in some cases maybe even a zero down loan but not having liquid money in the bank can be extremely stressful for a home buyer. Buying a home is expensive more than just the down payment. Even if you're selling a home and can use the equity in that home as a down payment, other costs can add up such as an earnest money deposit, moving expenses, appraisals, home inspections, and home maintenance costs once you move in.
If you've gotten used to renting you know that calling up someone for repairs when something breaks is easy. Being a homeowner you are responsible if something breaks so it's always a good idea to have an emergency fund in place of at least $1,000. Saving for 3-6 months worth of expenses is really ideal.
But again, one of the biggest keys to know whether or not you are ready to buy a house is your staying power. If you plan on moving in a year or two, it may not be worth it to buy now. If you're looking for a home to stay in for a while and you have the funds ready to go, all you need is an agent or broker that knows the market and the area to ensure you buy at the right time.
Give me a call if you're interested in starting the process anywhere in the Columbus real estate market. It may be cold outside but when it's time to buy, IT'S TIME TO BUY! - I originally posted this piece on Linkedin
As a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.