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When is it the right time to buy?
When is it the right time to buy?
In my last article I addressed the issue of when is it the right time to sell and came to the conclusion that, what ever reason you might have to sell, there is not really a right time to sell. Of importance is that you make the right decision.
Next on the Agenda, when is it the right time to buy property?
It used to be considered fuddy-duddy to invest in a home before you really needed to. Buying a house was for those married and planning a family and not for the single tying them down with a house payment. Time has changed and today we see more people that would rather like to own a house than to rent and more and more people that have to make the decision on when it is the right time to buy.
If you are a first time home owner you will be aware of the struggle that most first time buyers are facing as property prices for property for sale have risen and are now starting to settle. If you are looking for that second or even third house to buy it might even be a struggle for you as buyers are finding it harder than ever to get a foot on the property ladder.
With the current property market it is very hard to know when to make a move and we saw the following happened over the last few months; ? Buyers started to play a waiting game as they felt the prices of house were overpriced and awaited the fall in prices. While homebuyers ponder on whether to wait for the prices of property for sale to come down they could lose out. It remains to be seen whether waiting will pay off ? Buyers delayed in purchasing due to the unpredictability of house prices ? With the interest rates that has gone up and the projections that it might climb more before the end of 2007 the property market has become very unstable specifically in South Africa and buyers revised their investment portfolio ? Homebuyers were cautious about the property market and weighed their options more carefully ? But then there were also those that continued to buy property and for what ever reason they might have had. It could be that they had to move, had no choice or saw a good money making opportunity
One good thing about buying property when the market is busy cooling down or has cooled down is that homeowners that have property for sale offers various incentives and promotions to keep their properties moving and to reduce unsold inventories. Swimming pools, high-tech kitchens, newly painted houses, landscaping and upgraded bathrooms are but just a few of the offerings. No matter what the decision buying property involves us in the biggest financial commitment of our lives. And no matter property prices, interest rates or what the experts have to say it is your decision and yours only. If you have decided to go ahead and buy make sure of the following; ? Location..location..location ? Explore the whole area, in day time and night time ? Take a good look at what services are supplied in the area ? What is planned in the near future for the area for example, new developments ? Look at the crime figures ? Weigh up the options ? Take a good look at the pros and cons ? Set your purchase price ? Fit your pocket! ? And lastly, thing long term. Get advice if you are not sure I always believe in investing a little time and effort before the time and reap the reward at sale time.
