For most of us, buying a property is the biggest purchase we’ll ever make. One thing’s certain: It’s not something to be trifled with. Right? For first-timers, this can always look scary, especially on big transactions like this. Take note, however. Buying a house is also an investment that can never be taken away from you if you choose not. Thus, the million-dollar question here should be: when is the best time to buy a property?
For one, potential homebuyers are always on the lookout for the right timing when to get the best deals in the real estate industry. Ever so vigilant, they always try to predict the home values rise and fall while also keeping in mind the mortgage rates. It’s a tough act. Monitoring a mortgage rate is like predicting who will win in your favourite football game. Quite frankly, no one can predict the outcome.
Ultimately, it’s your call. Only you can decide when it’s time to sign on the dotted line. Experience is the best teacher, however. And as time rolls by, there are certain best conditions that, when met, can make buying a property ideal. Below are the essentials.
Purchase a Home Only if You Are Financially Ready
There is no best advice when buying a home than purchasing a house and land you can afford. Attempting to get the best home values and mortgage rates is futile in the real estate market. Only the lucky ones can get the best loan rates as they are tough to predict.
Nowadays, you can browse through many properties for sale on real estate websites. They offer a variety of house and lot packages that you can browse through and consider. They can also guide you throughout the selection process. So, if you can find one that fits within your budget, grab it.
Another alternative to buying a house is looking for a viable lot for sale. The obvious advantage here is that you can customise your house when you build it. Buying an existing home doesn’t afford that.
On the other end, an existing home gives you lesser headaches. You can transfer as soon as the sale is consummated. When you choose to build a new house, you’ll have to wait for months on end before you can enjoy the property.
The Best Months to Buy a House
While there is no true answer when it is the right time to purchase a house, there are still months more likely to have affordable rates. And according to research, the months January and February are the best months to buy. These months have 9% to 13% fewer house rates than the home-buying season (April to June).
While spring has more housing supply than the first two months, homebuyers are also purchasing these homes for a bigger rate. This is because the weather is warm and looking for a home is more desirable than other seasons.
However, real estate agents are willing to negotiate the prices when it comes to January and February. Why? This is because their prospects are still small, and they are eager to get past the holidays and start their jobs immediately.
Purchase a Home You Can Call Your Own
Whenever you are ready to settle down and live somewhere long term, then that’s the best time to buy a property you can proudly call your own. For your first ever home purchase, it’s smart to purchase a home that you love rather than buying it because of the affordability.
Owning a house comes with a huge responsibility but it is also a big achievement for homeowners. Sure, not everyone can take up the responsibility of being a homeowner. But if you are determined and have the means to buy one, then the right time to do so is right now. The future is still up ahead, and owning a property is only one of the many great starts you can have. Truth be told, it can be the jumping board for your future successes.