Is It a Good Deal…for Me…Now?

Some good thoughts from my friend Greg McNey of American Signature Mortgage...

Is It a Good Deal…for Me…Now?

Should I buy a home? Thanks to the tv
game show of the 1950s, we sometimes call this the $64,000 question. In truth,
its implication can be much greater and far reaching, so we often worry and
avoid making the decision.

Here’s a little tool that might help you
decide whether making a large investment such as purchasing a home is for you.
Ask these questions:

“Is it a good deal?” You have to look for a little
while to spot a bargain, but it’s a great feeling when you know you’ve found
one. Do your research, online and in person. Turn over a few stones, kick some
tires, and acquaint yourself with the market. Finding a house isn’t that hard,
finding a deal takes a little more work. Have you done yours?

“Is it a
good deal for me?” Finding a bargain on a 1,500 square foot house is meaningless
if you need 2,500. And the converse is true as well. Don’t be allured by
upgrades you don’t need or can’t use. If you’re not prepared to care for a big
lawn, the house with a manicured acre lot may not be for you.

“Is it a
good deal for me now?” Perhaps it’s a good deal, and maybe it matches your
housing needs perfectly, but if you can’t afford it on today’s income, you might
need to pass. What a person can “afford” by lending standards and what a person
is willing to “afford” by standards of personal spending may be two different
things. Even though your lender will approve your purchase, if it means
decreased spending in other areas of your life, you will have to decide if “now”
is the right time.

None of us is able to predict the future. When
decisions are to be made, you can only work with what you know now, today. Count
on it, circumstances will change, and events you didn’t expect will arise.
Still, making a decision, even if the decision is “not now,” is better than
worrying.