There is a lot of Summerville, SC real estate that's perfect for couples, young families, and first-time home buyers. But how do you know when it's time to buy your first home? After all, a mortgage is a huge fiscal responsibility and you need to be prepared for it. Here are four factors that may mean it's time to take the leap:
1. When interest rates are favorable – The biggest factor guiding your decision on when to buy should ideally be financial. It can be hard to view major life decisions in a dispassionate way, and there are definitely other factors that affect home buying besides just the money. But the bottom line is that your house is likely the biggest investment you will ever make, and like any investment it's vital to get the best terms possible. This doesn't just mean negotiating a price that's satisfactory – it also means getting your loan at the best terms you can. Presently, loan rates are still very favorable and interest rates are relatively low because the U.S. government is hoping to stimulate more home buying. That means that all else being equal, 2015 is a good time to buy. The low interest rates and favorable terms will not last forever.
2. Once you've settled on a career – Another factor in choosing whether to buy your first home is where you are in your career. Most first-time home buyers are in their mid to late 20s, which means they have had a few years since college and have settled into a career path. Choosing a career before buying a home has two advantages: first, it means you have likely chosen the city or region where you plan to be working long-term, so it makes more sense to invest in a home there; secondly, it means you have some idea of what future income to expect and can make buying decisions more accurately. You do not have to be far along your career path, but knowing what you expect to do professionally will help guide your decision.
3. Ideally, before you have kids – Buying a house can be a big process—there's the house hunt, the move, and any renovations or redecorating you want to do. When possible, it's easier to do this before you have kids than while you are raising an infant or toddler. If you know you plan to have children, it may pay off to look for your family home before the stork comes to visit. After all, it's harder to get the painting done or put together a cabinet when you have a hungry three year-old on your hands.
4. When you see the house that feels like home – Ultimately, the right time to buy a home is when it feels right. Take a look at the real estate available in Summerville and see if anything strikes you. If a place feels like your dream home, start asking how you can make it happen in your current situation.
What kind of home are you dreaming of? Take a look at our listings at Carolina One to find the perfect first home for your needs!