A good number of well-intentioned families have put off the thoughts of purchasing a home. They are waiting for a time in the distant future when house prices are stable and job security is no longer a joke. Unfortunately, they are missing out on a great time to buy.
Why is it such a great time to buy? The truth of the matter is that there have never been better deals on real estate in Toronto. Supply is unlimited and demand is at an all time low which means that there are a lot of great deals out there. But just because there are good deals doesn’t mean that YOU should be buying. The following will help you determine whether or not now is a good time for you to buy:
· How secure is your job? Are you employed in a field where there are massive layoffs or has your profession weathered the economy quite well? If there are any doubts as to the security of your employment, you should avoid financing a home. You may be able to offset the risk of losing your job, however, if you have a large down payment or if you can afford to purchase insurance that will cover your mortgage payments if you lose your job.
· Have you planned for the purchase of a home? Don’t purchase a house just because it is a good time to buy. Buying a home takes preplanning and saving. Make sure that you have a solid plan and a down payment before you start looking.
· Are you planning to relocate soon? In this economy, you will probably not be able to sell your home quickly if you have to move. You may not even be able to sell it at all. So, if you are planning a major move in the near future, it might be wise to postpone your home purchase.
· Homeownership takes a lot of hard work and regular investments for maintenance and repairs. If a house payment would stretch your budget to the limit, you should look for cheaper homes that do not come with a high price tag. Always make sure that you make enough money to cover your house payment, home insurance, utilities and personal bills with plenty left over to pay for repairs.
· Are you ready for the responsibility? How much responsibility do you have now? If you live in an apartment, you might want to think about how much work is involved with taking care of the grounds and exterior of a house.
Remember; buying real estate in Toronto is not a decision that should be taken lightly. Being a homeowner is rewarding but there is also a great deal of responsibility involved. If you are ready for the challenge, now is the perfect time for you to buy. If you are not ready, no amount of cheap deals will make it right.
