We hear the phrase ‘right time to buy’ appear every so often when house prices dip but forecasts tell that they will soon be on the rise so that the bargain home you have bought could turn into a real invest and in turn make you a healthy profit. This doesn’t always mean that it is the right time to buy for you. Individual circumstances can make a huge difference in when the right time would be for you.
Ask yourself a few simple questions, are you in a stable situation financially? A mortgage is a long term commitment and so are you likely to maintain your current amount of income or is there a chance that it could decrease? Do you have enough income each month to cover the repayments and not leave yourself struggling to buy every day necessities? How much deposit have you managed to save up and can you get a mortgage for the cost of the property that you need?
Once you have the answers to these questions it is time to start looking at house prices and to see if there is something suitable to your needs and most importantly available at a price that you can afford. If you are constantly earning and paying off your mortgage there will be the option to upgrade to a larger or more luxurious property later on so do not be disheartened if your dream pad can’t be yours first time. For some people the right time to buy isn’t necessarily the right time to lay their hands on the property that they are going to live in for the rest of their lives.
If you have found a property that is ideal for you and at the right price but isn’t the exact replica of what you had imagined buying, you might still find it is the right time to buy this particular property as a stepping stone to the one that you truly desire. Thinking ahead and not just about the here and now it vital when it comes to moving up the property ladder. Investing in a property that you may make a profit on through renovation and extension or a residence that you can get at a bargain price and make money on simply by reselling at a later date could be the start of a journey to your perfect home. The right time for you may not coincide with the right time for everyone else.