There is no doubt that buying a home is the biggest expense in life, and indeed many choose or are forced to give it up in recent years due to financial difficulties. However, if you are determined to buy a home, here are some tips on when is best to buy a home.
There are two main motivations for the decision, the personal situation, and the market situation. If your income goes up and market prices go down, this is a good opportunity to buy a new home. The location of the home also influences the decision – how attractive the area in which it is located is.
Owning a home takes one major concern out of your head, but owning a home also allows for less flexibility compared to renting, which is a consideration that needs to be made. Is this possible for you?
Once you have calculated your ability to meet mortgage repayments and initial payments on the home, including ancillary costs such as expenses for a lawyer and new furniture, think about how much you can afford to pay the property tax and other bills, including house committee and any management fees.
Consider that in new homes for example the management fee is higher. You should consider assistance in buying a house, such as a Buyers Agent.
In terms of personal income, think about whether this will be your income in the future as well? Is the organization you work for or the industry in which it operates facing future change? Do you see yourself in the same place in the future as well?
Check things thoroughly
If you have decided that you can buy a home, you will need to check what the expected price is for the home you want, these considerations will also decide on the quality of your life in the future and not just the price. Of course, the first parameter is the price, but not only.
When expanding the family, many couples want closeness to their parents and this is a consideration that can make the home more expensive or cheaper. Another consideration is proximity to public institutions, shops and recreational centres. All of these are expected to increase the price of the home by a few percent, provided that the home is not too close to the noisier areas.
Of course there are other factors that must be checked too, such as the condition of the infrastructure, do not settle for the promise of the seller, consult your own professionals too. Also what we see now is not what will be next, maybe right in front of you is a skyscraper building full of brand new and sustainable apartments – is this a good move for you and a great investment alike?
There are many things to consider when looking for property and as we see more homes turn sustainable and ‘smart’, it’s important to look at what could be profitable ten or fifteen years down the line in case you want to sell and move on. What is going to sell? Be sure to look at all areas before making your final decision.