is it right time to buy a house for the first time buyer particularly in Scotland

vikas_aggarwal

I am a first time buyer of a house or flat. I am not exactly sure about the timings.Is it the right time of buy a house or flat , advise me for the same with pros and cons!

ad9898_3

vikas_aggarwal wrote: »

I am a first time buyer of a house or flat. I am not exactly sure about the timings.Is it the right time of buy a house or flat , advise me for the same with pros and cons!

Pros - none that I can think of at this time.
Cons- Everything else, possible NE in the future, capital loss, waiting 18 months could save you 8-10 years of mortgage payments, possibly more.

Mr_Matey

Impossible to say vikas, without knowing more about your situation and the places you're looking at.

In my view, it's a good time to buy if the following criteria are met:

• It's the right decision for your lifestyle
• You plan on living there 5+ years
• You can get a good price
• You can afford the repayments (even if rates rise)
• You have a steady income (i.e. not about to be made redundant!)

Dithering_Dad

You need to supply more information before anyone can realistically answer your question with any sort of accuracy. Information such as:

1. Size of your current deposit.
2. Financial details on house you wish to buy (asking price, price you offered, price of similar properties in that area that are for sale/sold).
3. Financial details on you and person you are buying with, if any (such as size of mortgage, how much you currently pay in rent, etc)
4. Personal details such as how much you like the property you are considering, how long you think you will live there, why you want to buy (i.e. are you sick of renting or is your current landlord looking to sell, you want to be close to good schools, work, etc.).

I don't believe the decision to buy is as cut and dried as simply "don't buy because house prices are falling'. It might make absolute financial and personal sense for someone to buy now, but unless we know more information there is no way to know this.

IveSeenTheLight

vikas_aggarwal wrote: »

I am a first time buyer of a house or flat. I am not exactly sure about the timings.Is it the right time of buy a house or flat , advise me for the same with pros and cons!

Welcome New Menber
as others have said, you need to know a lot more info including the local area.
Scotland is quite a large area and diverse in local stats

chewmylegoff

vikas_aggarwal wrote: »

I am a first time buyer of a house or flat. I am not exactly sure about the timings.Is it the right time of buy a house or flat , advise me for the same with pros and cons!

i don't know much about that, but what i do know is that it is the right time to post impossibly vague questions in relation to hugely important decisions on internet forums.