If you’re like many people, you want to buy a house… someday.
So what are you waiting for?
Let’s look at the three most common reasons people give for not buying a home - and see what you can do about them.
3 Common Reasons for Not Buying a Home
Check out these three common reasons people often cite when they say they’re not ready to buy a home.
“I don’t have a down payment.”
“I’m not sure I’ll live here forever.”
“I’m looking for the perfect house.”
#1. “I don’t have a down payment.”
A lot of people who say they don’t have enough money for a down payment don’t really know how much they need - but the good news is that it’s probably less than you think.
Your first step: Talk to a lender about buying a home. Find out how much money you’d qualify to borrow and what happens with various down payment scenarios. Sure, 20 percent down is the gold standard - but many people buy homes with far less down. Some lending programs even allow you to put down as little as 3.5 percent (and if you’re using a VA loan, you don’t need anything down at all). Just remember, though, that when you buy with a lower down payment, the money you don’t have at the beginning will still come out in the end; it’ll just be rolled up into your mortgage loan.
#2. “I’m not sure I’ll live here forever.”
It’s totally understandable if you’re not sure that you want to live in the same place for the rest of your life. Relocation hangs over most of our heads. However, if you’ve been saying the same thing for years (and you’re still living in the same place, which you enjoy), it might be time to accept the fact that you have found your home.
Remember, too, that in many places, mortgage payments are about the same as rental payments are - and that means you could be leaving money on the table. While you’re renting, you’re not building equity, but when you buy, you are.
#3. “I’m looking for the perfect house.”
We all want the perfect house, but the bottom line is that every home has its flaws or things we aren’t actually in love with. You might need to adjust your expectations just a bit.
Are You Buying or Selling a Home in Lakewood or Long Beach?
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