1. Buy for the long run. Assume you’ll own your home for at least five years.
A home is a significant investment, not to mention a linchpin of stability. According to the Zillow Group Consumer Housing Trends Report 2017, the majority of Americans who sold their homes last year had lived in their home for at least a decade before selling.
Some are even staying for the long haul. Almost half (46 percent) of all homeowners are living in the first home they ever purchased. In short: Buy a home you want to live in — one equipped (or ready to be equipped) with the features and space you need, both now and in the future.
2. Buy to improve your life, not to speculate with your money.
Your home is more than a financial investment; it’s where you sleep, eat, host friends, raise your children — it’s where your life happens.
The housing market is too unpredictable to buy a (primary) home purely because you think it will net a big, short-term financial return. You will most likely be living in this home for several years, regardless of how it appreciates, so your first priority should be finding a home that will meet your needs and help you build the life you want.
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