Just like with any big decision, timing is very critical. Depending on your situation, timing will mean a few different things. If you are a family with kids, you will probably want to move during the summer months, when the kids aren’t running around with school and extracurricular activities. On the flip side, if you are younger, single or a couple without children, the summer months might be better spent on the beach or in the woods, enjoying the few short summer months of Minnesota. In this scenario, the fall or winter months might be your best bet for shopping houses. There is a good chance your job will play a role in your house hunt as well. Many jobs have slow and busy seasons. Depending on your profession, your seasonal workload might also dictate your time to shop around. Looking for your first home and be a time consuming event, add the actual move and the added stress of work, might not be the best for your mental stamina.
It is also important to note that finding your first home might take longer than you expect as well. Depending on the inventory of your price range and how competitive your market is, it could take a few months for your ideal home to come onto the market. Always try to plan accordingly and discuss average time to purchases with your realtor.
How Long Will You Live There?
The last big thing you should consider before deciding it’s time to buy your first home, is how long you plan on staying put. While the exact length of your stay might be impossible to predict, having a range or ball park of how many years you plan on staying in your house is critical to determining if now is the right time for you to buy.
In the state of Minnesota there can be some serious tax implications for selling your primary residence within 2 years of buying it. In any event, anytime you are considering buying or selling a house you should have a quick talk with your tax professional.
In addition to tax implications, if you are only in your house for a short period, you won’t have built up much equity in your home before it’s time to sell again.
Now in theory this list could have gone on for a very long time, since buying a house is a big decision, there are many things to consider, but these three are arguably the biggest things to consider before taking the plunge and buying your first home. If you have any further questions about buying your first home, contact us @ firstname.lastname@example.org