If you are wondering whether now is the right time to buy a new home, you’re not alone! There’s a lot to consider any time you are making a major purchase – like choosing from among new homes in Pierce, King or Thurston counties – and never more so than at present, given the last few years of upheaval in the housing market.
We asked Peter and Dawn James of The James’ Group, mortgage specialists with OnQ Financial, and one of Soundbuilt Homes’ preferred lenders, to tell us about common first time home buyer concerns, here’s what they said.
4 Key Home Buying Considerations
Deciding to buy a home – and then choosing what type of home to buy and where – are not simply financial determinations, like picking a mutual fund to invest in. Home buying decisions can be heavily influenced by values, priorities and concerns that aren’t primarily about money.
Here are four home buying considerations beyond the financial arena that can enter into a decision.
There’s no question that owning your home gives children a sense of stability about home, school and the wider community they live in. Family legacy can also be a consideration. Many people eventually own their home free and clear, giving them the option of passing it on to their children. Parents even buy homes as gifts for children.
Owning your own home lets you customize your comfort to your own personal preferences. You can pick a location based on the noise level and on how close you like to be to your neighbors. Comfort concerns often drive people to buy rather than rent, since it’s often hard to find rental homes that are large enough or in the right area.
Owning a home gives you control over your future. You have the certainty of knowing what your housing costs are going to be for a very long period of time. Additionally, ownership gives you the power to stay put for as long as you want without having your plans change suddenly because your landlord decides to move in or sell the place.
For many people, heavily weighted among home buying considerations is a home’s location in relation to their work. With the rise in telecommuting, more people today also need a home that will accommodate a well-organized office.
Would you like to know more about home financing, the housing market in your area or do you have any other related questions? Please call or email us – we’re always here to help.
P.S. There are more and more reports that say the housing market appears to be turning around in many places. Mortgage rates remain near record lows and home prices are very affordable. So this could be a great time to upsize, downsize or refinance. Feel free to call or email us now to discuss your situation or apply online.
Dawn James, Branch Manager, Sr. Loan Officer
The James Group / OnQ Financial©
The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice or a commitment to lend. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in the newsletter is the property of Sterling Bank and cannot be reproduced for any use without prior written consent. Sterling Bank is an Equal Housing Lender. Member FDIC.