My friend just bought a house. She bought it when economic situation was stable. She said that the developer seems to compete each other in offering the house with all its advantage and facility. “That’s the right time to buy a house,” she told me. How lucky she was!
Then I asked her for tips. My friend then explained about the steps that she applied to buy a house at the right time. Those steps are:
- Ready for commitment. If you’re not, don’t buy. There will be many obligations, such as maintain, tax and so on. You have to follow that obligation if you want to move and to resell it. Things like notary, moving cost, and other additional cost in buying house is usually confusing. With all these costs, you shall stay in that place for a long time. A worker with fix salary has to be the main consideration in buying house so you can pay the credit regularly and immediately. If you think you can be responsible to stay in the new house at least in next five years, this is the right time to buy the house. But if you don’t think so, it does not matter because you can rent or resale it when you change your mind.
- The cost of buy a house is cheaper than to rent. If you notice that the cost of renting a house is more expensive, that’s your time to buy. Search the bank you want and start to find the information about mortgage. Look for the location suits. Count the things such as safety and cleanliness cost, then compare it to the rent cost. If it’s cheaper or has same result, you are better allocating the budget for house credit. It’s better than to keep spending your money without getting anything as your own property.
- Market situation supports you. If the demand is getting slow and many houses are built but nobody buy it, and the market is getting weak, this is the right time to buy a house. You have many chances to negotiate the price. It’s possible that you get your dream house under the normal price.
- The low credit interest. When mortgage interest is low, or when a bank decreases the interest level, this is the right time to buy a house. You can get the good interest, which means it doesn’t make you deficit every month, and finally you can save your saving for the future. Although the difference of the interest is just zero point something percent, the influence will last for long time.
- Have enough saving for advance payment. It’s as important as low interest. The smaller the debt, the smaller the credit and its interest. If you have money, save some money for your dream house. Maybe you think, it’s more interesting to spend your money to traveling or shopping. But remember, people always need house for living, and the earth doesn’t expand. So, get it now or pay it more.
- Wait for the right time. In summer, the developer usually supplies more houses with various promotions to get more buyers. Usually, people do not want to buy the house in rainy season, fall or winter, because it will be so hard in moving. So, this is your time to buy the house. But you don’t have to move as soon as possible to stay in that house. Wait until summer comes again.
If those steps suit to you, do not waste your time. Call the developer or property agent and start to hunt the house. Normally, you cannot control the right time to sell or buy the house. But if you have even just a little chance to know the right time, you can save much money. The most important thing is a commitment.