Avoid paralysis in deciding whether buying real estate is for you
It’s normal to be nervous about buying your first home. Buying real estate will likely be the biggest purchase you will make in your lifetime, so making a good decision is important. Here are a few questions to help you determine if buying real estate is right for you:
Why do I want to buy a home?
Security?
No rent in retirement?
A home you can personalize?
What are my long term goals?
Stay in the area?
Move out of the area?
Build a nest egg for retirement?
Am I prepared to buy a home?
Do I have the necessary down payment? If not, what is my plan to?
Good credit?
What can I afford?
Is my job steady?
What do I want to buy?
Can I afford what I want to buy?
Where do I want to buy?
Will I compromise if necessary?
What is the real estate market like?
I have always felt that owning my own home was the right thing; I knew that long before I started selling real estate. The bottom line is that owning real estate is not for everyone. Don’t feel guilty if you don’t want to own property because of societal or peer pressure. Be happy you made the decision that is right for you. If you are not going to buy, make sure that you still have a financial plan in place to get ready for retirement.
On the other hand, if it is the right thing, get a good real estate professional to assist you, be knowledgeable about the market and make the best decision you can. And enjoy the process! It will probably be a heck of a story.