A home purchase is a serious investment of your time and money, so if you're at all hesitant, it may be best to wait. Here are a few questions to ask yourself as you consider whether you're ready to leave your rental.
Are you enjoying the luxury amenities in your apartment community? It's far more common for apartment buildings to offer a variety of amenities and services -- from pools and gyms to package delivery and pickup -- than in previous decades. If you enjoy those amenities and would miss them living elsewhere, you might as well continue taking advantage of them.
They're not the kind of ratty apartment [that buyers are] coming out of where they're happy to be in a home. They're already in a pretty nice place now, and it's sometimes hard for them to find a home that has those features.
Are you ready to make a big investment? Purchasing a home is the biggest investment many people will make in their lifetime. If you're not ready to make such a significant decision, it may be best to remain a renter.
How long do you plan to stay in the next place you live? Investing in a home requires a few years to prove profitable. This gives you time to build equity in the home and for the property to appreciate in value.
A person in his or her 20s may be particularly apt to relocate for a variety of reasons: Career and romantic opportunities have pushed most people to relocate at least once or twice.
Will your home needs change in the next few years? Even if you're ready to settle in one place now, you should take your future needs into account. If you can see yourself starting a family within three years and wanting to live in the suburbs, the one-bedroom condo you can afford now may not be ideal.