"If you plan on being in the area for five years, you love the home and you've done a budget to really assess all the costs of homeownership, I do still believe buying a home right now is a good idea," Elliott said.
You should also work on improving your credit score, which will put you in the best possible position to get a good rate on your mortgage, Elliott said. That means reducing utilization of your credit cards, watching your spending and looking at your credit report to correct any inaccuracies, if necessary.One of the benefits of buying versus renting a home is the ability to have fixed costs, Elliott said. But homeowners still need to anticipate surprises, she said.
Additionally, they should anticipate paying for landscaping, furnishing and the unexpected emergency like a pipe bursting.3. Look for flexibility on your purchase By getting a shorter-term mortgage — say, for 15 years instead of 30 — borrowers may access lower interest rates.on their mortgage, which can let them lock in a lower interest rate, she said.