To Buy or Not to Buy

yamiefran

Morning All,
I have recently sold my property which I shared with an ex-partner. I am currently living with a family member and have found a property for which an offer has been accepted. My dilemma is... Is this the right time to buy, or whether I look to rent for a short period of time to see if the market drops in the near future along with interest rates. I am in no rush to purchase and would no issue with renting but have no idea if this would be a sensible option for the short term to see if financially, I would be better waiting.
Any help would be much appreciated.
Jamie

Mr.Generous

Buy, I think property will stop rising, maybe even a very small fall over the next 12 months, then back to 5 - 10% price rises again. Remember your purchase might take 6 months to go through!!

nicknameless

yamiefran said:

Morning All,
I have recently sold my property which I shared with an ex-partner. I am currently living with a family member and have found a property for which an offer has been accepted. My dilemma is... Is this the right time to buy, or whether I look to rent for a short period of time to see if the market drops in the near future along with interest rates. I am in no rush to purchase and would no issue with renting but have no idea if this would be a sensible option for the short term to see if financially, I would be better waiting.
Any help would be much appreciated.
Jamie

Why did you offer on a place if you don't know if you want to buy right now?

Nobody can answer your question with any certainty.

diystarter7

nicknameless said:

yamiefran said:

Morning All,
I have recently sold my property which I shared with an ex-partner. I am currently living with a family member and have found a property for which an offer has been accepted. My dilemma is... Is this the right time to buy, or whether I look to rent for a short period of time to see if the market drops in the near future along with interest rates. I am in no rush to purchase and would no issue with renting but have no idea if this would be a sensible option for the short term to see if financially, I would be better waiting.
Any help would be much appreciated.
Jamie

Why did you offer on a place if you don't know if you want to buy right now?

Nobody can answer your question with any certainty.

The only certainty ATM is 50/50.

With rates rising, that should at the very least cool off things.

With prices rising on almost everything EG food/fuel etc etc, things should cool down

There could be a price crash as often the case some big news, bad news re big company going uder, books not accurate etc.

However, with the Tories printing monopoly money even if prices go lower by a bit or a lot, they will soon climb back as new builds will be costing more.   A word of caution re prices crashes/going lower and then back up. They certainly go back up in nicer areas and where there is an abundance of jobs, good transport links but travel to the land of the living dead where they may have built apartment after apartment and these often have services charges, it may take them years to reach their previous highs.

Only you can decide.

Personally, If i really liked a property and I did not offer/buy and then it went higher that would hurt more. Another way to look at it is lets say the place you are buying is 600k and if it does drop by 30k, you are not going to sell straight away and when you do you will be buying another place of which the price will be lower as well.
So why waste money on rent etc?

Good luck.