Is it a good time to buy a home?

Some of you are asking yourselves, “Is it a good time to buy a home?” The answer depends on whether you can afford it. Yes, housing prices are down. There is a glut of foreclosures, new homes, and home resales. The prices are low, so you think maybe I should take the plunge and stop wasting money on rent.

There are several things you should consider and have in place before buying a home.

  1. Have six to eight months of living expenses set aside in an emergency fund.
  2. You have a budget/spending plan and are sticking to it.
  3. Have at least 20% down payment, if not more.
  4. Have money for closing costs.
  5. Make sure you can afford the mortgage payment, insurance, taxes, upkeep on the home, higher energy costs, repairs or replacement of the appliances.
  6. Do not tempt yourselves into buying new furniture to fit into the new home, unless you can pay cash.
  7. Plan on using your budget/spending plan.

If you have all this in place, then you can consider buying a home.  Make sure you have it inspected by a reputable home inspector.  The inspector should spend about one to hours, depending on the size of the home, inspecting everything, the electrical, plumbing, roof, etc.

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