Insanely low mortgage interest rates—and the knowledge that they’ll eventually go up again—make a lot of people feel like it’s time to buy a house right now. And maybe it is … if you go about it the right way
Buying a home is a major purchase (to put it mildly), and there are plenty of ways to trip up. But don’t worry—we’ve got your primer right here.
How To Avoid Those Mistakes
1. Don’t … buy a house if you’re planning to move again soon.
If you’re a renter, it can be frustrating to write that rent check every month and have no home equity to show for it at the end of the year. But if you aren’t certain that you’re going to stay put for a few years, it’s probably not the right time to buy—equity or no equity. Some people tend to buy a house knowing that they’re going to be relocating after a few years. Don’t buy property and automatically assume that you’ll be able to rent it out or sell it when you move. [Read more…]