When is the Right Time to Buy a Home?

When is the right time to buy a home?

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Anyone who has ever wanted to invest in a piece of property has asked themselves a number of questions along the way, the top one being: When is the right time to buy a home?

If you don’t know the answer to that question right away, you’ll want to consider a few things before you invest in your first property. To help you towards your goal, here are three ways to determine if this is the right time to buy a home.

1 – It’s the right time to buy a home when your finances are stable

Buying a home is a huge expense; it is perhaps one of the largest purchases you’ll make in your life, so you need to ensure your finances are in order before you decide it’s the right time to buy a home. Ask yourselves the following questions before you buy a home to ensure you’re ready:
– Can you comfortably cover your monthly payments?
– Do you have enough money for the down payment?
– If your monthly expenses suddenly increased, would you be able to cover the difference without emptying your bank accounts?
– Do you have enough cash to cover all the costs associated with buying a home such as notary fees, home inspections, moving costs, cable/telephone/electricity connections, and the Welcome Tax?

There’s no doubt that when you buy a home you’ll be getting in to a certain amount of debt, but you want to maintain “good” debt (not send yourself into the red every month). A financial advisor is always the best person to offer the best advice on when it’s the right time to buy a home and to ensure you’re bank accounts are ready for the leap.

2 – It’s the right time to buy a home when the market is fair

Are mortgage rates low? Are the city’s and country’s economy doing well? Are you in a secure job?

Asking yourself the above questions will help you determine if the market is fair and if it truly is the right time to buy a home. You’ll also want to consider the housing market in the area you’re interested in. Knowing the difference between a buyer’s market and a seller’s market could save you thousands of dollars and get you the house of your dreams without emptying your bank account.

3 – It’s the right time to buy a home when you’ve balanced your finances

That’s right, being prepared to buy a home is about more than having the down payment in order. Owning a home requires dedicated monthly payments and a promise to pay your mortgage, electricity, Hydro and any other added monthly payments you have. Balancing your finances can be a tricky thing, so don’t be afraid to ask a professional at your financial institution of choice to ensure it’s the right time to buy a home.

Is it really the right time to buy a home?

If you’ve taken into consideration the above tips and advice, and you feel that it truly is the right time to buy a home, then consider consulting the experts at DuProprio to find the home of your dreams.

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