Are you looking to invest in property? If so, now might be the right time to do so. Earlier this year house prices were described as falling, and the constant inflation and deflation up and down countries means markets are all over the place. Yet you can both sort your living situation and even improve upon your finances when you’re in a situation like this. Dips like these are often unexpected, as we believe as time moves on, the value of our cash decreases. Take a few of these considerations into account first however.
Knowing When You’re In A Buyer’s Market
If house prices have fallen, the market is a lot more friendly to first time buyers or anyone trying to get a mortgage. It’s especially nice to those of us who are looking to downsize or sell on an old home. Applying for large mortgages is also a lot easier as your credit score will be more reliable to go on and there’s less risk for the future if you’ve established a good foothold.
Yet getting a mortgage and buying a house is a decision only you can make for yourself. No matter the economic climate, you’re the only one who can be sure you’re ready for such a step. It can seem a little sentimental, but having a gut feeling is incredibly important for the big decisions we make in our lives.
Get A Mortgage When You Can
People can never be sure when the market is going to dip, even the experts. Patterns can be studied but new money and technology is coming out every year and becoming game changers in themselves. So even if you’ve made the decision to wait until applying for a home loan, you need to strike when mortgage rates are at a low. There’s a reason our parents and grandparents had so much more success than we do: because the economy was stable.
Buying a home when the price is right means you’re essentially just continuing the tradition for today.
Put Down Your Roots If You’re Unlikely To Leave
If you’ve been renting for a long time, and you notice a dip in the market in your home area, now would be a good time to put down your roots for real.
If you’ve been contracted to stay for a period of time, and at the end of the contract are likely to find a new job in the same area, it would make more sense to buy a house instead of continuing renting. You’ll keep losing money on rent that you’ll never see again, whereas a mortgage would be an investment.
There’s a lot to take into consideration when you start thinking to yourself, ‘Is it right for me to invest in my own home?’ Buying a house is akin to marriage, and everything involved needs to be perfect for you. If there’s more than one of you involved in the process, it can seem like even more of a risk.