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When is the Right Time to Buy a Home?

If you think that you are ready to buy your new home, think again. You should know when is the right time to buy a new home because it can make a big difference at the end of the day. According to the data furnished by the Singapore Real Estate Exchange, the number of transactions of HDB resale dropped last year by 19%. The private non-landed units also dropped by 47% last year.

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What does this mean? This means that this may be the right time to buy a home. If the home you are eyeing is within your budget and you think you can discuss about a discount, you should pursue. Buying a house is perhaps the biggest decision you will ever make. Right timing is important because it can help you save the hassle and money. Here are some tips on deciding the right time to buy a home:

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  • Watch out for housing prices: the first thing that you should do is watch out for housing prices. The market is not steady. You have to look for the best opportunity. If the prices are increasing steadfastly, you have to buy soon. If the prices are dropping, you should think twice. If the prices are falling gradually, you need to move soon. If the houses are sinking fast, you need to wait for a while.  
  • Evaluate your credit rating: The next thing that you should do is evaluate your credit rating. Can you handle it if you will buy a house? If you think you cannot handle or afford it, you should delay it. If you have been bankrupt recently, this is not the right time to buy a new home.  
  • Tax credits and loans: The government is giving loans for people who want to buy new flats. You have to keep in mind that not all the time there are available government schemes. If government schemes are not available, you can also consider private financial institutions.
  • Mortgage: If you choose to consider mortgage, you need to think of the down payment. Some agencies ask for a 20% of the price as a down payment. If you consider that, do you have the money right now? 

Sometimes it pays to be patient. If you think that you are not ready, you should not push it because it can affect your standing. If you have the money and you found the perfect home to build a family, you have to consider it immediately before other people discover it. Good luck on your endeavour!

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