To Buy or Not to Buy
That is the question almost everyone faces at some point in their adult lives
Home ownership has been a long-standing dream of most American's but whether or not it is right for you, and if now is the time, well...that's something that should be considered carefully.
There are several things you should consider before making this decision and I'm going to highlight a few of the major ones for you in my Am I Ready to Buy My First Home Series
Here we go with Part 1...
Are you staying put?
If your life involves moving from place to place every couple of years, and you expect to continue doing so, owning a home is probably not a great choice for you.
Even if you were to make a profit every time you sold your home to move on, the process of selling your home and buying a new one every couple of years can be extremely draining.
While the San Francisco real estate market has seen some crazy growth spurts over the past several decades, there's always a significant gamble if one expects the equity in their home to grow in less than 5 years. Historically, 5-7 year periods have overall growth rates that tend to exceed the rate of inflation.
So if you're looking to buy, you should be looking to stay in the same place for the next 5+ years.
Stay tuned for Part 2 of Am I Ready to Buy My First Home, coming soon!