Real Estate – Is Now a Good Time to Buy?
A good number of well-meaning families have put off buying a home. They are waiting for a time in the far future when house prices are stable and job security is no longer a joke. Unfortunately, they are missing a good time to buy.
Why is it a good time to buy? The truth of the matter is that there have never been better deals on real estate in Toronto. Supply is limitless and demand is at its lowest, which means there are plenty of great deals. But just because there are good deals doesn’t mean YOU should buy. The following will help you determine if now is a good time to buy:
· How safe is your job? Are you employed in a field where there are mass layoffs, or has your profession held up fairly well in the economy? If you have concerns about your job security, you should avoid financing a home. However, you may be able to offset the risk of losing your job if you have a large down payment or if you can buy insurance that will cover your mortgage payments if you lose your job.
· Have you planned to buy a home? Don’t buy a house just because it’s a good time to buy. Buying a house requires advance planning and saving. Make sure you have a solid plan and a down payment before you start looking.
Are you planning to move soon? In this economy, you probably won’t be able to sell your home quickly if you have to move. You may not even be able to sell it. Therefore, if you are planning a major move in the near future, it may be wise to postpone your home purchase.
· Owning a home requires a lot of hard work and regular investment in maintenance and repairs. If a house payment would stretch your budget to the limit, you should look for cheaper houses that are not priced high. Always make sure you earn enough money to cover your house payment, home insurance, utility and personal bills, and have enough money left over to pay for repairs.
Are you ready for the responsibility? How much responsibility do you have now? If you live in an apartment, you may want to think about how much work goes into taking care of the grounds and exterior of a home.
Remember; Buying real estate in Toronto is not a decision to be taken lightly. Owning a home is rewarding, but it also comes with great responsibility. If you’re up for the challenge, now is the perfect time for you to buy. If you’re not ready, no amount of cheap deals will fix it.