If you’re trying to decide whether to keep renting or buy a home, consider the following questions:
1. Where will you be in the next 5 years? If you buy a home, you need to live in it long enough for it to appreciate in value. If you end up moving, changing jobs, or anything else unexpected comes up, selling a home quickly can result in loss of money.
2. How’s my credit? Look into your credit and the credit of your partner if you are buying together and take steps to fix any discrepancies before applying for a mortgage.
3. What’s the expense? In addition to the down payment and cost of the mortgage, consider the expense of insurance and taxes, monthly upkeep and maintenance as well as any necessary repairs.
4. What’s the market like? Don’t just look at the current market, take into account over the past few years too. Resist the urge to pay more than you should for a home and keep in mind that the more quickly you have equity in your home, the less of a burden it is.
5. Plan your exit. Decide what you will do if and when the time comes for you to move. Keep in mind that you will not be able to sell for a profit until home values rise in your market or until you’ve lived there long enough to have equity in your home.
Thinking of buying or selling a home in Sussex County? Give us a call at Cooper Realty Associates and put us to work for you – 302-856-6434.