Don’t let your dreams make decisions about your reality. When I was looking for a house in Eugene I did that. Having sold my house at the Oregon coast I had a nest egg in the bank. If I had it to do all over again, I would have left the money in the bank and rented for at least a year. However, I didn’t even consider that. I talked to my friends and let them influence me and let my imagination run wild! Crazy!
When you move, be practical. Stay within your budget. Consider everything. Do you like the neighborhood? Is the house/apt the right size? Are there any drawbacks to the house you are considering buying? These could include…other houses very close to you, small yard, maintenance needed over the coming years, etc. Buying a house is not a romantic notion, but a financial investment. Think toward the future. If you had to sell the house, how long would it take? Who would be your clients? Could you make a profit, or at least break even on the sale?
These are the questions I did not consider in buying my last house. I was not at all practical, and when the economy went mad, I did not have a cushion to ride the financial tsunami.
Be careful. Don’t just think twice, think ten times!