5 Times Not to Buy a Home

Buying a new home is an exciting time, whether it’s your first home or your fourth. However, a new home is a huge investment, and there are certain times in your life you should consider waiting. Here are a few:

Your credit is sub-par. If your credit is less than ideal, applying for a mortgage may be more difficult, and the rate you lock in will likely be a bit bloated. Instead, create a credit-boosting plan and stick to it for one to two years. You would be surprised with how much you can improve your credit in a relatively short time.

You plan to start a business. They say the first five years are extremely unpredictable, so if you’re in the throes of a new hustle, hold off on making a home purchase until your business is stable, steady and predictable.

You recently relocated. While this may seem like the ideal time to purchase a home, it may be smarter to rent for the first year in a new locale to make sure you like it - especially if you relocated for work.

You just started a new gig. Your brand new job may seem shiny now, but in six months you may realize it’s not the great fit you thought it was. Wait one to two years in any new position to make sure it’s a good long-term decision before making a massive financial commitment.

Change is on the way. Maybe you have a new baby on the way or are anticipating a shift in work. Wait until the change has happened before making a home purchase to make sure the decision is smartest for your new situation.