If
you have the financial ability and the desire to eventually
own your own home, your reasons for putting off a home purchase
should be minimal, especially, when you consider the amount
of appreciation you can miss out on.
One of the most important things to avoid when purchasing
a home is being required to sell it too soon. Selling a house
before it appreciates can end up putting you in a financial
bind. Think of the closing costs and commissions you have
paid for. This can especially be true for those who put down
less than a ten percent down payment.
Real Estate commissions are generally around six percent of
a home's sales price. The seller's closing costs generally
comes to about one and a half percent. 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 to sell
your home. New to the Area
A good to reason to delay a home purchase is if you have just
moved to an unfamiliar area or region of the country. You
may want to rent for a few of months before deciding on exactly
where you want to live. It is important that you are happy
with the location you have chosen, so waiting a little while
makes sense. Uncertain Job Future
If you are not reasonably comfortable in you job situation,
possibly because of company reorganization or a job transfer,
you may want to delay buying your home. After you have a better
idea of what the next few years will be like, that will be
time to buy. Marital Problems
Divorce is always unfortunate. However, selling a house before
it has a chance to appreciate can add an extra financial burden
in an already difficult situation.
