Deciding Whether You're Ready to Buy a House

Nolo, June, 2007 by Attorney Ilona Bray

Can you stay put for three to five years? If you'll be off to grad school in a year or are angling for a job transfer, why bother? Buying a house involves a lot of upfront effort, and you won't want to have to do it again in a year or two. Buying a house also involves expensive "transaction costs" like loan setup fees, property inspections, and more -- sometimes in the thousands of dollars. And if you need to move during a market slump, you could have to sell for less than you purchased for -- plus pay commissions to the real estate agents (averaging 5% of the house purchase price, or $5,000 for every $100,000). Does a home-improvement hobby sound exciting? Some homeowners like nothing better than to pull out the tools, buckets, and plaster to paint the bedroom purple or...

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