Should I/am I ready to buy a place?
December 6, 2013 11:19 PM Subscribe
I thought I wasn't ready to buy a place, but with all the advice I've been getting from everyone, I wonder if I should.
posted by glache to Home & Garden (17 answers total) 4 users marked this as a favorite
This is pretty much what I've observed:
a) The fact that absolutely everyone around me is buying, which is not advice in itself but indicates a good buyers' market, which was confirmed by a lady I had a random conversation with on the train, who indicated that the housing cycle spans roughly 7 years, and that the low prices have been there for about 3-4 years, and I probably have another year to go before they start rising again.
b) People from the areas I've lived in and liked have advised that land is an absolute bargain, some houses can be had for good prices.
c) I have sufficient deposit for any of these places.
However, the reason why I'm reluctant to buy is because a friend said it's better to travel and do all that life stuff for yourself, before settling down to buy a house, and another agreed, saying you might travel overseas and then realise you want to live there instead, and not have a house tie you down.
But I dunno. I just need to talk this out with people. I feel like it would be a smart decision to, but then again, I dunno. How do you know if you're ready to buy a house, is my question. And if I'm ready, should I buy a house so I can rent it out, or should I just buy a bit of land and let it appreciate? (I'm quite scared of the idea of a mortgage, and land in my preferred areas, I can buy outright, whereas with a house it wouldn't be possible).