Buying a house has never been more affordable. Low prices coupled with record low mortgage rates have made purchasing a primary residence, second home or investment property very appealing. However the decision to buy a house is also a very personal one.
Personal factors that may influence your decision to buy:
- You want to put down roots in a particular area.
- You need more space for your stuff or your family.
- You’ve had a change in your family such as getting married or having a baby.
- You need a change in environment. Seniors might want to move to a place with fewer stairs; apartment dwellers might want to move to a detached home.
- You want a place for your pet such as a big backyard for the dog.
- You want to personalize and possibly upgrade features in your living space.
- You want better access to things that matter to you (restaurants, schools, public transportation, hiking trails, etc.).
In addition to personal factors, it is also suggested that you consider whether your work and financial situations are stable.
Evaluate whether you have:
- A steady work history.
- Steady or increasing income.
- A good credit score.
- Enough savings for a down payment.
- Low overall debt
Use our home affordability calculator to see how much house you can currently afford.