The home search: setting your goals
Setting Your Goals
Of all things when buying a home, setting your goals and expectations may be the most important. This will help you better understand if you are truly ready to buy a home, and with our guide, know if you are financial able, working with the right agent, and prepared to start your home search.
Until you’re ready to be a homeowner, can comfortably afford a mortgage, and are willing to live in the home for five+ years, you should consider renting.
Student Loans? Buying as an Investment? Rushing?
Here are a few more considerations:
Student loans — if you have lots of student loan debt, you may be better off focusing on paying that down than using that cash on a down payment or putting it towards as mortgage.
Doing It as An Investment — While technically true that home values have generally risen throughout time, buying a home is a serious commitment that means much more than committing dollars and watching your wealth grow. If you need cash in a hurry, tapping your home equity is challenging and expensive.
Life Priorities — owning a home is a privilege, not an obligation. While there are tremendous benefits to home ownership, rushing into it is a bad plan.
Feel like you’re ready? Be sure not to miss our buyer checklist! The remainder of this section will help you discover the right tools, set expectations, know what to look for as your touring homes, and understand how schools can impact the value of your home.