A booming real estate market offers many possibilities for first time home buyers. Before making such a major decision, consumers should ask themselves if they are ready for a home investment. Ideal market conditions could very well draw people into a commitment they are not quite ready to assume. By discussing home buying options in the Woodstock area with a qualified Realtor, consumers can get a better idea if home buying is the right choice for them.


Purchasing a new home requires a substantial financial commitment from new buyers. Prospective buyers should be financially capable and prepared to make such an investment.  First time buyers will be faced with numerous upfront costs that include down payment, closing costs, moving expenses and the cost of new furniture and/or home appliances.

Buyers will also need to create a home budget to handle monthly mortgage payments, utility costs, maintenance and repair, landscaping, association fees, school and property taxes, etc.  Affordability is a major consideration for those interested in purchasing a home of their own.

Credit Worthiness

Having good credit is essential to the home buying process, as most lenders will base their home loan decisions on a consumer’s credit rating. A poor credit rating and outstanding debts will hinder a homebuyer’s ability to acquire a home loan. A high credit score will not only help home buyers obtain a loan, it also puts them in line for the best interest rates for their transaction.

Prospective home buyers should carefully review their credit rating and financial standing before deciding to buy. It may be to their advantage to wait a few years and work on improving these areas before investing in real estate property. By becoming financially solvent, buyers will be in a better position to enjoy their home without worrying about financial obligations.

Future Plans

Future plans make a big difference in a home buying decision. If buyers can’t make a commitment to stay in the area for at least the next five years, they could lose out on their investment. It takes time to recoup the expenses of purchasing and moving into a new home. For people who are more likely to move within a five year time frame, renting may offer a more practical alternative.

By reviewing the personal and financial aspects of real estate investment, consumers gain a better perspective on whether home buying is the best option for their future. 

Lisa Halter
Principal Broker/Owner
Halter Associates Realty