Your landlord keeps hiking up your rent, and you’re tired of reworking your budget to accommodate the other areas of your life — or worse, searching for a new rental. You want to invest in a home for sale, but you’re not sure if now is the right time.
There are two likely reasons for your hesitation: time and money. Deciding if you should rent or buy can be determined in part by your commitment to an area — you could have legitimate concerns about job relocation or you may wonder if the space you can afford now will be flexible enough that you won’t grow out of it just a few years down the road. And on an economic level, perhaps you’re not sure you can afford all the costs that a down payment, mortgage, and home maintenance entail.
The first step? Do some homework. Consider these questions to help you decide if the answer to “Can I afford a house?” is yes.