When Is the Right Time to Buy a New Home?
If you want stability in your home and you think you know what type of house or where you want to live, then it's time to seriously think about it. You have to be prepared to pay the monthly payments though. This is a serious commitment since mortgage loans are usually long term. And since such loans are secured against the house, you should avoid defaulting if you do not want to lose both your home and your money. Even with a huge cash outlay, at least your money would not go to waste because you gain ownership of your home. You are sure you will have a shelter for you and your family. Even if you have to pay interest charges on the loan, you still gain from capital gains as the value of your home appreciates over time. Of course, the biggest consideration is whether you are qualified for a mortgage loan. Then you should think about whether you can afford the monthly payments. Again otherwise, you will lose all the payments you have made and you will lose your home as well. On the other hand, you will be happy with your decision when you pay the final monthly payment. If you end up selling your home, you also gain from the appreciation of the property.