Is it the Spring? Is it the Fall? Is it this year? Is it next? There’s no magic time.
The safe answer: The right time to buy is when you can afford it. Home ownership can be fantastic but it can also be stressful if you’re not financially ready for it.
The mortgage payment is only one part of the expense of home ownership. Other expenses to consider include:
- Moving expenses
- Utility bills (or larger utility bills than you’re used to)
- Furnishings (indoor & out)
- General repairs (creating a savings account for this is extremely beneficial in the long run)
Along with additional expenses, time also needs to be taken into account. Home ownership will come with:
- More cleaning as it’s a larger space (usually)
- Mowing the lawn, shovelling the snow
- Landscaping in general
I think you get the point here. Part of the mortgage process is reviewing financial status so we can determine if you can afford the new home. The part that you need to consider is the additional wants and needs and the additional time.
So ask yourself, outside of the mortgage payment, are you ready for the move?