Make Sure It's a Long-Term Purchase
Homeownership offers many advantages over renting, but you want to avoid one of the common pitfalls of buying a house to keep for only a few years before selling. However, the equity that will come with owning a house will be hard to build up if you only stay a few years before selling. If you find a neighborhood where you will want to live for at least five years, you'll do well to buy a home here.
Do Some Homework on Costs
Two considerations many buyers overlook include property tax rates and energy costs, particularly where heating is concerned. Property tax rates vary by city or town, and the tax assessor's office can give you a good idea of what you'll pay. Heating costs can also vary based on whether the home uses natural gas, all electric heat, or oil. You'll have time to start saving up for these costs if you have accurate figures in advance.
Consider How Easily the Home Will Rent
If you aren't moving into your new home for several months or years, consider renting it in the meantime. Many renters are willing to consider a home with a shorter lease duration, especially if their job requires frequent relocation. You'll also have the benefit of additional money that will be useful when you do move into the house.
Buying a house with the intention of moving in at a later date can be a rewarding experience.
The 7 Top Home-Buying Mistakes You Should Avoid, forbes.com