March 7, 2015
Buying a home can be a bad idea under many circumstances. Examples? Options?
Buying a home can be a bad idea under many circumstances. Examples? Options?
If you are not planning on living in that home for a long period of time you are better off not buying. If you think that your going to move in the next 10 years you may be better off renting. If you have an unstable relationship with someone you are buying a house with you may not want to buy it jointly. If you have an uncertain job future you may be better off renting also so you can move to find work if need be. Renting can be a good option for many. You will definitely want to rent until you have a full 20% to put down on the house to avoid PMI.
You should not buy a home if you do not have enough money to put forward a 20% down payment or more. You should also not buy a home if you believe you will move within the next 10 years.
Nice job gentlemen. Let’s recap.
(1) If you don’t have 20% for the down payment. Wait!
(2) If your relationship is not on solid ground. Wait!
(3) If you can’t see yourself living there for a long time. Wait!
(4) If your job situation is a bit unstable. Wait!
(5) If you are restless and would rather move every few years. Wait!