Best time to buy? FTB

Ali_Netball

I am planning on getting a key workers equity loan to enable me to purcahse my first house.

However, I am concerned that I am going to buy at the wrong time (I know this is a risk you always take in investments). However if anyone has any info to help me from getting into negative equity I would really appreciate it.

By the time the loans go through and we find a house etc. I imagine it'll be about 6 months anyway

Thanks
x

hethmar

Ali, I think your guess is probably as good as anyones. Prices are still dropping, the economic outlook is extremely bleak. If you must buy then bargain hard and buy a place where you are going to be long term.

TDS_2

Better time to buy than Aug 2007.

Worse time to buy than Aug 2010?

SavingSteve

Ali_Netball wrote: »

I am planning on getting a key workers equity loan to enable me to purcahse my first house.

However, I am concerned that I am going to buy at the wrong time (I know this is a risk you always take in investments). However if anyone has any info to help me from getting into negative equity I would really appreciate it.

By the time the loans go through and we find a house etc. I imagine it'll be about 6 months anyway

Thanks
x

Are you looking at this as an investment or a home?

zone

There is no real right or wrong time to buy. Only you can decide and take responsibility for this. But avoid overstretching yourself financially in case there are further falls to come.

anotherpaul_2

SavingSteve wrote: »

Are you looking at this as an investment or a home?

Personally, if I were buying it would be as a home. Are you going to suggest that now is a good time to buy a home because you're going to live in it? I wouldn't buy a home now - I'd like to have a house that I can move out of in 6-12 months if I have to and not still owe the bank money.

Now is, indeed, clearly not the time to be investing (reading between the line).

anotherpaul_2

zone wrote: »

There is no real right or wrong time to buy. Only you can decide and take responsibility for this. But avoid overstretching yourself financially in case there are further falls to come.

Which they clearly will, at least in the short term. Unemployment up and mortgage lending substantially down? Where definitely not at the bottom yet.

zaphod_beeblebrox_2

You decide ....

pandamonia

zaphod_beeblebrox wrote: »

You decide ....

the worrying part of this chart is that they didnt have the credit problems back then that we have now..... could be worse?

SavingSteve

anotherpaul wrote: »

Personally, if I were buying it would be as a home. Are you going to suggest that now is a good time to buy a home because you're going to live in it? I wouldn't buy a home now - I'd like to have a house that I can move out of in 6-12 months if I have to and not still owe the bank money.

Now is, indeed, clearly not the time to be investing (reading between the line).

Now, but thanks for the assumption! Just that if it is as a home then the thought process differs. I think most people would consider a home as a place to live for more than 6-12 months.

anotherpaul_2

SavingSteve wrote: »

Now, but thanks for the assumption! Just that if it is as a home then the thought process differs. I think most people would consider a home as a place to live for more than 6-12 months.

Sorry for jumping ahead and assuming you were going to say something you hadn't actually said yet.

Most people would, its true.