Is Buying a House a Good Idea?

Betty,

I just read your blog on buying a home in Kokomo. My wife and I are teachers and at the moment feel pretty good about our job security. However, we don’t know how long we will stay in Kokomo. We are thinking 5-7 years at the most and it could be as little as 2-3 years. Should we buy or wait until we know for sure what we are going to be doing?

Thank you so much,

First Time Buyer

Dear Wondering,

Thank you for your email asking whether you should buy now or wait. There are no easy answers to that question…

In “normal” times, you should plan on being in a home 2-3 years before considering a move. But, as we all know, these aren’t normal times in Kokomo!

Even with the market as it is now, if you buy a house at a discounted price in the right area, the length of time you own the home may not be a factor.

Other things to consider when weighing your options are:

• How much do you pay per month for rent now? And how much will that be over the course of the years?
  
• What are your “requirements” for a house? Not what you’d like to have, but what you absolutely have to have.
  

Depending on what you are now paying in rent, if your requirements for a house are “modest”, you could actually spend less per month buying a house vs. renting – while getting some tax breaks and building equity in the home.

As I said, there are no easy answers. Every situation is different and everyone’s wants and needs for a home are different.

I welcome the opportunity to sit down with you and your wife and look at your current situation as renters and whether buying a home seems like a good option for you right now. I will not pressure you into buying a home; I will just help you sort through the decision making process.

I hope to hear from you soon,

NOTE: Are you considering buying or selling a home in Kokomo? Call me at 765-513-0354 or send me an email to schedule a consultation.

Related posts:

1. In Kokomo Is it a Good Time to Buy
   or Sell Real Estate?
2. Top 7 Reasons Why It’s a Great Time
   to Buy a Home in Kokomo
3. Appraisals Go Down in Kokomo
4. Get Paid to Buy a Home in Kokomo!