So, you want to buy a house. You’ve been looking at listings online and allowing yourself to dream about moving into a 4+ bedroom place that has lots of garden space, as well as plenty of room to renovate and extend. However, would now be a good time in your life to buy? There are only a few ways to be certain! Let’s go through them below and see if they match up to your current circumstances.
When You Have a Forgiving Budget
If your budget has wiggle room, it’s the best kind of budget! And that’s something you want to keep an eye out for when you want to buy a house. If you’ve been looking at price points and noticed that none of them are too bad for what you’re working with, take it as a sign you should listen to. A forgiving budget gives you a chance, and you should work with it as soon as you’re able to.
When You Have Legal Support
Legal support is the best thing to secure before you think of buying a home. When you’ve established a good relationship with a solicitor who specialises in conveyancing, it’s going to be much easier to proceed with any sale. So, contact a solicitor as soon as you get serious about buying property and see what advice they have for your specific financial situation. The earlier you get clued in, the smoother the buying process is going to be!
When You’ve Spent Time Watching the Market
If you want to know if now’s the right time to buy, see how your local market moves. Give yourself at least 3 months here, but preferably you’d take 6 to 12. During this time, watch how many properties get added per week, how their price points change over time, and who the fastest-selling properties are represented by. Watching the market takes some time and effort, but if you download common property selling apps to your phone, you can set up push notifications that’ll keep you in the loop.
When You’re Ready to Buy Your Own Home
Being ready to move means you’re ready to take on a lot of stress, alongside all the other factors above. Think about this when your dreams start taking you away. Are you really ready to take on one of the biggest life decisions right now? Is there anything else going on in your life that could interrupt your plans to move? Do you feel stable enough in your relationships to make things more serious, or to move away from those you love? These are the questions to ask, alongside analysing your financial stability and whether your budget is forgiving enough.
The best time to buy a house is when you feel ready to do so. Make sure this ruling is the first one you listen to! The market needs to be right, and your finances should work with you, but keep that initial point in mind.
