Find the Right Time to Buy

Last updated: February 2008

In this article, we look at the factors affecting the right time to buy for first time buyers.

The first factor to consider, is why you want to buy a house. If you only want a house as an investment (i.e. buy then sell at a profit), you should look at trends and forecasts of property prices in the area that you are looking to buy. If, however, you are looking to buy a house as a home (i.e. as a place to live for a long time), you just need to look at the second factor - whether you can afford to buy right now. If you can afford to buy now, then buy.

"But what if house prices fall?" I hear you say. If house prices fall, you may enter something called negative equity, which is when you owe more to your lender than what your house is worth. Selling your house in this situation will mean that you lose the money that your house has lost through its falling value. However, if you do not sell, it is likely that house prices will eventually rise again up to and beyond what you paid for it - you just need patience.

In conclusion, the right time to buy depends more on your situation, rather than the state of the housing market. If you are not a property developer or investor, then there is no need to concern yourself with the peaks and troughs of the housing market. Buy when you are ready.

Article by Tim Ballard.
February 2008

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User Comments

Tim from Suffolk said...

Go on, be the first to add a comment!

Thursday, April 10th 2008 06:53 PM

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