My fiancé and I are looking into moving into a new house. The property is much bigger and I can barely handle taking care of the land we have now. It will just be so much cheaper for us in the long run and I really want to own a house so when we're older, we won't have the rent expense anymore. Thoughts/tips?
Not sure how old you are but with home prices as low as they have been in a long time, and money being available at a low interest rate to borrow at, you are SMART to lock in the deal to buy a house right now. Just remember, if you think you can buy a home cheap and flip it over in a few years to make a profit or trade up, I don't think those times will ever return for at least 10-12 years, if at all. Buy something you will grow into over the long term, not something you want just for the short term. Yet, TIME magazine had a cover story a few weeks back as to whether home ownership is something people need these days, may I suggest you try to find the story online?
My opinion may be biased because I am nearing 60 years old but I have always been a very careful borrower and consider myself well informed about the housing market and current financial situation.
