When Should You Buy?

Before you figure out when you should buy, determine how you will buy.

Here's my list of factors you should take into account before you make one of the most (if not, the) biggest purchase in your lifetime.

• Real estate data - Those who are able to interpret real estate data well can probably make a good prediction of where the market is headed. (Hint: Prices are still falling) For the rest of us, there's a gamut of real estate forums and news that can provide just as good as information that will give us insight. And pretty much how you perceive the market will determine your approach - are you a cheerleader or a doomer?

• Interest rates - Watch interest rates. Why? Because your mortgage is Principal, Interest, Taxes and Insurance.

• Subsidy Programs - If you're a first time home-buyer and your ability to finance a home depends on the availability and amount of assistance programs this will be a definite factor.

• Motives - Why do you want to buy anyway? For an investment opportunity (a la flipping), because you want security, rental income etc.? If you are looking to add to your wealth through the future potential appreciation of your purchase then look no further to current real estate headlines and you will see that the "but, real estate is always cyclical" philosophy is currently debunked. Not saying that you can't make money off equity, but to ignore potential rental income would be a mistake.

• What's your time line? - How long do you intend to stay in this house? A short-term schedule and long-term schedule will impact how you approach home-buying.

• Lifestyle - A household with family or expecting family will certainly have different needs then say...a bachelor pad. Even if you home will eventually be shared by your partner, you might want to consider what type of lifestyle you will have to forgo and any other adjustments.

• ? - And of course there are an innumerable amount of reasons outside of this short list why you should or shouldn't buy. Hopefully, you will have considered most of them.

Have any more reasons that are missing from this list? Let me know, and we'll keep adding on...