When is the best time to buy a home? Some would say the first few months of the year are ideal since prices are a lot less expensive. Others would advise shopping during winter because there’s less competition. But, in truth, the best time to buy a home is when you’re ready. Ready in the financial, mental, and emotional aspect. These signs would tell that you’re all good to take the plunge:
You’ve been at your job for quite a while now.
Buying and owning a home is a financial responsibility at its core. You’ll be putting in a huge sum of money for down payment, paying off your loan for the next 30 years, and keeping up with expenses in utilities and maintenance — probably for the rest of your life.
A homeowner should have a steady flow of money to fund this huge investment. If you’ve been holding down a job for years now, it’s likely that you’ve already saved up some and you’re taking financial responsibility seriously. What you need to do now is to determine if your savings are enough for a down payment or calculate how much home you can afford with your existing resources. Consult different lenders and compare their quotes to get the best deal in the market.
You’re focusing on settling down.
This can mean many things. For one, you don’t plan on moving to another city or country within the next five years. You’re keeping your job, staying in your locale, and even envisioning retiring in it. If this is your case, then it’s really a good move to buy. The property you purchase today will be worth so much more in a few years, which makes it the type of investment you would want.
‘Settling down’ could also mean starting (or growing) a family. If you’re planning to have kids soon, a home with a backyard at a close-knit community is indeed a must. Where children grow up matters greatly in their learning and development, so you want the security and stability of a home. Look for properties located near schools. Check out Donnybrook, for instance. House and land packages in these communities are perfect for starting and growing families.
You know what you need in a home.
If you have a realistic image of the kind of home you want, then you’re indeed ready to explore the market. Most people go to open homes and unit viewings with inflated expectations, out of touch with the reality of their budget and insisting on their ‘dream homes’. They always end up losing good homes in the market or experiencing buyers’ remorse for an average home that’s too expensive.
If you’re that type of home buyer, tame your fantasies first. Sit down with your spouse and get to the bottom of what you truly need in a home. Decide on the location, the number of rooms, and the availability of outdoor space. Those should be the things you should be looking at when inspecting homes.
Again, the best time to buy a home is when you’re financially, emotionally, and mentally ready already. The question stands: ‘Are you prepared for your biggest investment yet?’