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Reasons to Delay Buying a
Home
Assuming you have the financial resources and the desire to
eventually own your own home, there are very few good reasons
to put off the purchase. You can miss out on years of
appreciation if you do.
The main thing you want to avoid when buying a home is being
put in a position where you will have to sell it too soon. If
you have to sell a home before it has appreciated enough to
cover the costs and commissions of selling, you could find
yourself in a financial bind. This is especially true for
those who buy a home with a down payment of ten percent or
less.
Real Estate commissions traditionally run around six percent
of a home’s sales price. The seller’s closing costs generally
come to about one and a half percent. You can see how this
can easily exceed the first year’s appreciation. If you made
a minimal down payment, you could actually have to come up
with cash out of pocket to sell your home.
New to the Area
A very good to reason to delay buying a home is if you have
just moved to an unfamiliar area or region of the country. It
makes sense to rent for a number of months before deciding on
exactly where you want to live. Often when people buy a home
immediately they find that they might have made a better
decision if they had waited awhile.
Uncertain Job Future
You could be right out of college or expecting a promotion
and a transfer. Or your company has announced an impending
"restructuring." If any of these apply, it might be best to
wait to buy a home. When you have a more accurate picture of
what your next few years will be like, that will be the time
to buy.
Marital Problems
Real estate agents see a lot of life unfold before their
eyes. One of the saddest occurs when former clients divorce
and are forced to sell a recently purchased house. It happens
all too often when a family in turmoil decides that buying a
new home may help resolve their problems. Perhaps it is
inevitable that such problems occur, but selling a home
before it appreciates can create an additional financial
burden in an already difficult situation
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