Assuming you have the financial resources and the desire to eventually own your own Michigan home, there are very few good reasons to put off the purchase. You can miss out on years of appreciation, freedom if you do.

 

The main thing you want to avoid when buying a home is being put in a position where you will have to sell it too soon or going into foreclosure.  If you go into foreclosure you might as well not have bought a house.  I do not want you to get in that position. Also, if you have to sell a home before it has appreciated enough to cover the costs and commissions of selling, you could find yourself in a financial bind. This is especially true for those who buy a home with a down payment of ten percent or less.

 

Real Estate commissions traditionally run around five to six percent of a home’s sales price. The seller’s closing costs generally come to about one and a half percent. You can see how this can easily exceed the first year’s appreciation. If you made a minimal down payment, you could actually have to come up with cash out of pocket to sell your home. 

 

 

 

I believe not having a little nest egg for the unexpected things that come up in life can be a downfall when owning a house.  What happens if the furnace needs to be replaced?  Or if you get laid off for a month?  Or get hurt and off work for 2 months.  A rainy day fund of 2-3 months of house payments will help you survive.  Many people buy homes with no money down and even get the seller to pay closing costs.  But it is nice to feel comfortable that if something comes up you have it handled.  It is a great reason to delay buying a home to save up a little nest egg.

 

 

A very good to reason to delay buying a home is if you have just moved to an new area or region of the country. It makes sense to rent for a number of months before deciding on exactly where you want to live. Often when people buy a home immediately they find that they have might have made a better decision if they had waited awhile.

 

 

You could be right out of college or expecting a promotion and a transfer. Or your company has announced and impending "restructuring." If any of these apply, it might be best to wait to buy a home or move. When you feel more comfortable of what your companies future and your future with the company will be like, that will be the time to buy.

 

 

One of the saddest events and tumultious events occur when clients divorce and are forced to sell a recently purchased house. It happens all to often when a family that has marital problems thinks that buying a new home may help resolve their problems. Nothing is worse than having to sell a home right after moving in and taking a loss on the property.  I would rather you not buy and have more to split up than me make a commission. 

 

I want you to keep your Wayne County home, or your Oakland County home once you move in.  Don't rush your purchase of a home.  Market conditions usually do not change in a few months.  Who know that dream home that you have been thinking about may come on the market.

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