Ask Yourself These Questions Before Buying
What are your goals for 2010? This question is probably the most asked question these days. If you are thinking about buying a house in the next year or so, you should be asking a different set of questions.
For starters, ask yourself if buying a home is the right move. Why are you looking to buy a home? Do you want to move to a more suitable house? Do you want to buy an additional home? Are you going to buy a new piece of property for investment purposes? At the outset, it should be clear to you as to why you are planning on buying. From there, you can proceed to the other details.
If you are planning on buying a new house for personal – not purely investment – purposes, here is one question that you should answer with all honesty. Never mind that you really want a new house, or that you “think” you can manage all the related expenses. Ask yourself this: If your household income suffers a drastic decrease (say half), would you still be able to manage the mortgage payments? If your answer is no, then I suggest you take a second – even a third – look.
Another question you should ask is about the interest rate: if the rates go up considerably (say 10%), would you be able to afford the mortgage? Again, if you are sure that such an increase will pose a problem for you, then you will have to re-examine your goals.
It all boils down to planning and a realistic view of the situation. Good luck in finding that dream house next year!
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