Buying a house is a major decision. If you’re getting stressed out, it’s clearly understandable since you’ll be investing your hard-earned money in a house. It’s obvious that location and being financially prepared are important factors but right timing should also be considered.
But how will you know if it is the ‘best time’ to buy a house? There are certain points that can help you determine if it is so you won’t end up regretting your decision.
We listed them down along with some expert insights from our co-CEO, Prof. Danilo Antonio.
When the market favors the buyer
Be observant and patient. You have to survey or at least have knowledge of the market. Check the price range of houses in locations that interest you. When you do find a quality house that you can afford, concentrate on whether buying it is the right decision in the long-term. Though you must remember not to panic over low house prices or cave into ‘must-own’ mentality.
When you’ve thought of your finances thoroughly.
Being financially prepared isn’t as simple as you think. It’s more than what’s in your bank account right now; a host of other financial and lifestyle considerations should figure into your calculations too. If you mortgaged your new home for a monthly payment, remember that you may need to make that payment every month for the next 30 years or more.
When you’re all set
According to real estate guru, Prof Danilo Antonio, the right time to buy a house is when you’ve actually saved up for it. And what he means by that is having enough money not just for the initial downpayment. He stressed that it’s better to purchase a house rather rent forever, because once you’ve bought a house, it becomes an asset. You can learn more house buying tips and other real estate matters from Prof D.A. in Hoppler’s Youtube Channel.
When you’re ready to upgrade
If you have the finances and/or a home to loan, you can then upgrade by buying another house. It will be easier to pay the amortization if you have the previous house rented out, as advised by Sir D.A. in his interview which can be viewed in Hoppler’s Youtube channel.
When elements of convenience are present
Sir D.A. also mentioned that aside from sufficient finances and eagerness to buy a house, convenience is also part of the big picture. Of course, this refers to the location. Accessibility to business establishments, commercial and retail centers and other destinations of leisure and activity will always be a great draw for homebuyers.
Buying a house isn’t just all about the money. Having the right state of mind will help you make the right decisions and assist you in seeing the whole process through. So if you’re up for it, take the bold step and own a house now.