A lot of people ask if it is the right time to buy. This is partially dependant on the area you live in but the answer could be yes if you meet the following criteria:
- You plan to keep the home (either to live in or as an investment) for a minimum of three to five years
- If it is an investment property, your rent will cover the majority of the mortgage
- You plan to use the traditional form of applying for a loan (i.e. what you buy is within your budget and with a percentage down)
- You can afford the home using a 30 year fixed mortgage and you have financial reserves should anything go wrong
- Because you plan to keep the house for some time, you are not obsessed with the up and downs of the market over the next few years
There are benefits to buying in a depressed real estate market on top of the standard tax benefits. There is a larger supply to choose from and you have time to make an educated decision on this large purchase
Feel free to contact us with any questions if you are considering purchasing a home.