It's an expensive, long-term commitment. If you change jobs or the neighborhood declines, you can't quickly get up and go. Selling a house can take months and cost lots -- likely 10% of a home's value -- in agent fees, closing costs and moving expenses.
- Do you plan to live in your new home at least three years?
- Are you financially prepared? Steady employment, a good credit score and a 20% down payment are needed to obtain the best mortgage rate.
- Is it the right time to buy? If area homes have experienced huge appreciation over the past five years, prices are bound to return to a more affordable level. Check out the home prices in your area.
- Don't count on your home to be a great investment. Historically, the stock market outperforms real estate as a hedge against inflation.
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