The dream of homeownership is alive and well .  The real estate market buzzes constantly about when to buy, how to buy, when to sell and how to succeed  in the world of buying and selling real estate. 

 

Many believe that buying a home is a necessary component to success and happiness. This belief that owning a home is a necessary symbol of success and that NOT owning a home shows that one has somehow failed in life is simply not true.

 

Please don't take me the wrong way. I totally believe in the American dream of homeownership.  I feel that it is one of the best ways to build a secure future and I love helping people buy and sell homes.  If I didn't, I would be in trouble since this is how I make my living.  

 

For decades, though, the general attitude has been that if the banks approved the buyer's ability to pay the mortgage, the buyer will be able to afford the home. This formula has worked well for many buyers over the years but the question is....what about those who were approved by the bank and are now feeling trapped by their home, or worse, facing foreclosure?  

 

Should everyone buy a home if the bank approves the loan?  My answer is not necessarily.  While the benefits of homeownership are significant and certainly warrants a few sacrifices to initially obtain this goal, it doesn't mean that one should not take the time to look at the big picture.

 

Future buyers need to consider how long they will be able to make certain sacrifices in order to own a home. Will they be happy a few years from now when they still can't have a date night or take the family on a small vacation?  What about the maintenance costs that do not exist when renting because the landlord usually takes care of things like plumbing problems or roof repairs?

 

If the prospective buyer has factored in all the potential costs to their checkbook and lifestyle and still feels confident about moving forward with a home purchase, then I say yes..go ahead and jump into the world of homeownership!   Be cautious, though, if there is a little voice in the back of your head telling you that maybe you should wait a little longer. My advice is to take the time to write all of these concerns down and discuss with your financial advisor before taking the plunge.

 

It is possible that renting may make more sense right now. The market is always changing and contrary to what you may hear, owning a home is not about getting in "at the right time".  Wait until you know that you are ready and then go for it.  That will always be the "right time".

 

Nancy Puder is the broker and owner of Signature Properties, a real estate sales and management firm in Arroyo Grande, CA.  You may contact her at Nancy@NancyPuder.com or (805)710-2415 She always enjoys hearing from you!