Seizing The Opportunity
Shauna is renting and wants to buy a home. The market is just right for it, but does that mean the opportunity is too?
QUESTION: Shauna is 25 and is working her Baby Steps. She is renting dirt cheap and wants to get into a home. She wants to take advantage of that while the market is good for buyers. She also wants to know if it’s ever all right to not have a real estate agent. Dave clears up something here; there’s a right time to buy a house and a wrong time.
ANSWER: Don’t buy a house when the market is good. Buy when you are financially ready. Save a good, solid down payment for when you buy. If you don’t, Murphy will move in your spare bedroom. What scares me as a first-time homebuyer for you is you don’t know the questions to ask. You could ask a real estate agent to give you a checklist of things to ask about. Get a home inspection, an appraisal and learn all you can about the house. You could rent the house until next spring with an option to purchase. Not an obligation, but an option; the right to purchase. Between now and spring, you can save a good down payment.