Whether or not to buy a home is a common question that most homeowners struggle to answer. Owning a home is a lifetime buyback investment, and you shouldn't stress yourself about thinking about it. Most people often wait for perfect timing, especially market value. Don't hesitate, just buy it. Market timing or not, the number one concern when buying a home is your financial situation.

Market timing is unnecessary when you want to invest in your dream home. Owning a property is the beginning of building an asset. There is no significant difference between buying now and buying in a few years from now. But even if it seems to drop slightly in the future, you might save on your mortgage; as long as the housing market booms, mortgages will likely increase.

Consider the following before buying a home.

Credibility

If you plan to borrow money, you should take this into consideration. Check your credit report and make sure you have good credit. If you're considering a mortgage, a credit score of 750+ is a great gesture. A good credit history is a sign of confidence, and you're likely to get the lowest mortgage rate possible.

Finance

Buying an investment of any kind is limited to finances, and the same goes for buying a home. Have you accumulated enough savings to make a purchase or deposit if needed? Even after you make a purchase, make sure you have enough balance to cover bills and other expenses. For financial emergencies, you need additional cash reserves in your account. Most lenders are happy to provide funds to such clients.

Future plans

Avoid buying a home if you plan to move in the near future. This could leave you bankrupt and unable to support yourself for another home. Make sure you stay here for a while and are financially stable enough to rent it out.

Waiting for favorable market conditions is not a bad idea if you want to wait. Home prices may fall slightly, but by a small amount. If there are a lot of homes due to high interest rates, prices may drop in your area. Waiting too long can also get you out of the market, especially when stocks are rising and prices are at all-time lows, which can be hard to notice without increasing supply.

If your finances aren't working against you, it's best to wait for the market to drop, if you want a lump sum payment, or if you're waiting for your credit rating to improve.

Complete your purchase

Find the best real estate agents to work with. You have the knowledge to navigate and complete purchases even in your absence. It may incur additional costs, but will save you time. You know which stocks are likely to go public after a while.