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6 reasons for putting off buying a home

Concept image of a home inspection. A male

Concept image of a home inspection. A male hand holds a magnifying glass over a miniature house. White background Credit: IStock/IStock

Given historic price drops and low mortgage rates, you hear an awful lot these days about how there's never been a better time to buy a house. But some personal finance experts say such may not always be the case:

1. Even though home prices on Long Island have come down considerably, it doesn’t mean they won’t go lower, says Ron Roge, chief executive at R. W. Roge & Company in Bohemia.

2. If your employer is downsizing and you’re exposed to that possibility, thought has to be given to bearing the expense involved in selling, buying and moving, he adds.

3. Your home being “under water” in terms of its home value versus the current mortgage owed is another reason some people are staying put, he says.

4. Having an illness in the family, he says, is another reason to consider putting off buying a home.

5. If you’re moving to a new area for any one of a variety of reasons, such as a temporary job assignment, to be closer to your children or to a favorite community in which you’ve always vacationed, Richard Bergen, president of RLB Wealth Planning in Garden City, advises renting first.

6. If you can’t afford the down payment, the mortgage, the closing costs, the cost of furnishing a new home and the bills associated with maintaining a home, don’t buy it, Bergen says.

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