You’ve heard it once, you’ve heard it a million times, now is a great time to buy a West Knoxville or Farragut home. With all the talk about how historically low mortgage interest rates are and how home affordability is at record highs, it can be easy not to get caught up in the buying frenzy. There are many great reasons to buy a home, but there are also some not so great reasons. As a potential buyer, you hear a lot about the reasons to buy a home, but not as much about the reasons not to buy. If you’re one of the many people considering buying a West Knoxville or Farragut home for sale, here are a few reason not to buy a home.
Everyone else seems to be doing it. Don’t be a lemming. Buying a home just because everyone else seems to be doing it is a bad idea. Yes, there is no doubting now is a great time to buy one of the many West Knoxville or Farragut homes for sale. Still, that doesn’t mean it is a good idea for you. It is important to consider where you currently are in your life and your financial situation and whether your life is best suited for renting or buying.
Somebody told you it’s a good investment and you’re throwing money away by renting. Yes, buying one of the many West Knoxville or Farragut homes for sale is a great investment. But, buying a home is only a great investment if plan to stay in the home long enough to make up the cost of purchasing the home. Generally, it takes about 3 to 5 years to make up the difference, but every home is different. If you are unsure about where you’ll be over the next few years, renting may be the better options, as you could lose money by trying to resell your home that quickly.
It’s a good market to buy. The market should not be the determining reason for whether or not you are ready to buy a home. If you are in a place where you plan to stay in the same place for awhile and have stable income, now could be a great time to buy. But, if you are still enjoy your freedom to relocate, this may not be the best time to buy. Trying to time the market is complicated and should not be your ultimate reason to buy. People are always buying homes regardless of what the market is doing.
Are you curious about what homes are for sale in the West Knoxville or Farragut area? If so, please let Knoxville Home Team know if there is anyway we can assist you in your home search. Feel free to give Rick a call at 865-696-9002 or send an email to [email protected]. Or, give Kati a call at 865-392-5880 or send an email to [email protected].