MoneyMix
blogs archives cu careers

Become a Pro Fed Member

Get started at Pro Fed's home page.

Privacy

About Us

Contact Us

Copyright © 2007-2013 Credit Union National Association Inc.

NCUA Equal Housing Lender
earning spending borrowing investing driving housing insuring
mymoneymix
Wednesday, October 1, 2008 |

When is the Right Time to Invest in the Housing Market?

With the current housing market conditions, nobody can predict when is the right time to buy a first home. But there are some general rules that can help you decide when the time is right for you.

  1. When you have saved enough for a down payment.  It can be tempting to go with a no-down-payment loan, but these are becoming more difficult to get, and (as many Americans have learned the hard way) it doesn’t leave you with much wiggle room if the value of your home decreases soon after purchase.
  2. When you know where you will be living for the next 3-5 years. Buying a home and then turning around and selling it quickly has become more difficult and costly. Make sure you will be able to stay in one location before setting down roots.
  3. When you have found a home you can afford, including the mortgage payments, insurance, assessments, and property taxes. Don’t forget the big picture – you’ll have to factor in any other new costs such as maintenance, and new furniture, too.
  4. When you have learned about property laws. It is a common misconception that when you own property, you can do whatever you want with it. But there are many types of laws that can limit your use of property, including easements, covenants, historic designations, etc. Make sure you know the laws governing a piece of property before you make an offer.

-Her

Add your comment
 

You must be logged in to post comments.

Blogs
housing posts

April 18, 2014
Your First Home Could Be Closer Than You Thought

March 6, 2014
Is Military Housing Right for You?

February 24, 2014
How to Pick Energy-Efficient Windows

February 20, 2014
Three Reasons to Buy a House in the Winter

February 10, 2014
Saving Money in an Expensive City


READ MY OTHER POSTS

Log in to My MoneyMix