Buying a home: How long will you live there? (Part Two)

If you’re thinking of buying a home, figure out how long you plan to live there.

Jay Abolofia, a certified financial planner, said, it is always a good time to buy if you’re planning on staying in a place for a while.

He noted, “The longer you’re going to stay, the more it makes sense to buy.”

Once you’ve determined your estimated time in this home, cross check yourself by asking if you’re being too conservative about how much house you should buy, said Leonard Steinberg, an agent at Compass in New York.

He explained, “You should be conservative enough that you can sleep at night and eat. But many people are too conservative.”

He said he often sees people buy homes that are too small and, after a few years, they realize the space isn’t working for them.

“Now they have the costs of selling and buying again,” he said, which includes closing costs, inspections, appraisals and realtor’s commissions. “Moving a lot is expensive.”

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