The housing market has got many people flustered. Should they move or stay put? In most parts of the country, the prices of homes continue to fall, which means it is a bad time for owners wanting to sell, but could be ideal for someone hoping to buy a new home on the cheap. So, if you want to move into a new home, you may want to ask yourself these questions.
Are You Ready to Own Your House for at least 5-7 Years?
Because the housing bubble has burst, you can’t be guaranteed of much, if any, appreciation in your home’s value. That means that if you have to move again shortly after you’ve bought your home, you may actually lose money. It is advisable these days to stay put for at least 5 to 7 years.
Is Your House the Best House in the Neighborhood?
The value of your home will be determined by the neighborhood it is in. It is never a good idea to move into the best house in the neighborhood. What you want to do is buy a house that is comparable to the others on the street. That way, your house’s value will be boosted by the better homes around it.
Can You Afford to Move?
Is your income limited? If you’re like most other Americans, you are probably living on a tighter budget than you have in a while. So, when you move, think about how far your new home will be from your job. What will gas cost you? Can you afford it?