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Can i Buy a House?

If you're asking yourself the question, "should I buy a residence? ", the answer is definitely, yes you should! However, you should only buy a house if you are truly in a position financially to turn into a homeowner. Homeownership is a large financial commitment. Not only will you will need to pay the mortgage, taxes, insurance, and any HOA charges, you also will need to cover maintenance and vehicle repairs. And homeownership is much less flexible as renting; when you rent, you can just walk away at the conclusion of your lease. But as a home owner, it may be difficult to sell when considering time to do therefore. If you are considering to become homeowner, but are unsure of when to get a house, the following are a few things to consider:

How long do I plan to stay in the home? If you're currently renting and so are considering buying a house, and think you'll sell it within many years, it's probably not worth the cost to buy right currently. Buying and selling expenses can be as much as 2% to 6% of the price of the home for every transaction. If you're only planning to own the home for just a couple of years, the expenses probably are not worth it.

What is the cost of buying versus the cost to be able to rent? A great rule of thumb to work with when deciding to purchase a home is the rent-vs. -buy ratio. If you take the particular purchase price of the home you want to purchase and divide it from the annual rent of much the same property, you will arrive with the rent-vs-buy ratio. If the ratio approximately 15 or less, then it probably is sensible financially to purchase a property. But if the rent-vs. -buy ratio is more than 20, then home ownership is a lot more expensive than renting.

How stable is my housing market? It is also important to consider how stable the market is before purchasing a home. If the market is vulnerable to significant price declines, it may not be worth buying a home unless you've planned on never moving from it. If your time horizon is really a long one, then the ups and downs of the housing market will matter less for your requirements. But if your plan should be to move in the reasonably near term, it's important to take into account the risk of further household price declines. If you need more information about the home price trends in your local market, consult with a qualified real estate professional.

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