News

Check out market updates

How Long Should You Live in a House that You Buy?

During the real estate boom of the early 2000’s, there was any number of self-help gurus out there pitching the idea of flipping homes for money. This, perhaps, is responsible for the fact that many people genuinely wonder how long they’re supposed to stay in a house that they just bought. This is particularly true for first-time homebuyers. Many of that crowd are going to be looking to upgrade shortly after they buy their home.

 

According to many experts, it’s best to consider staying in the home for five years after you purchase it. This gives you a chance to get past the first few years of your mortgage, when you are generally going to be paying a lot more in interest than anything else. At the five-year mark, you should be to the point where you are actually getting the advantages of owning a home financially speaking.

 

You will also have had enough time to get the money together to deal with another real estate transaction. It’s important to remember that, when you upgrade in homes, you’ll be going through the same process you did when you bought your first home. That means inspections, closing costs and other expenses that you will have to pay in order to sell your home and purchase another.

 

One of the best ways to figure out whether or not selling would be advantageous to you is to talk to a real estate agent in Grand Junction who has experience working as a seller’s agent. They can take a look at the market, your position in the home, what’s available to you in your price range and so forth and help you determine whether it might be a good idea for you to move or whether you may want to hang onto your home for a couple more years to get more of the benefits of ownership.

 

http://moneyning.com/housing/the-five-year-rule-for-buying-a-house/

Leave a Reply

Your email address will not be published. Required fields are marked *