When Is the Right Time to Buy a House?
Buying a house is no easy matter these days. There are many factors to consider before making a decision and purchasing. Especially if you’re buying a home using a mortgage, it’s not just about your ability to purchase but also your readiness to pay the installments over a long period. If you’re not ready to buy a house, you’ll only end up with financial losses such as bad debt or, worse, the inability to make payments. So, when is the right time to buy a house?
Your Financial Condition is Stable
Buying a house, especially with mortgage installments, requires long-term sacrifice, so you need sufficient income and savings to cover the installments and meet your daily needs. Aim for your installments to be no more than 30% of your salary, be debt-free, and have an emergency fund to cover 3-6 months of expenses. Once these are achieved, you can consider owning your own home.
You Don't Have Dependents
The earlier you start, the better. If you meet the financial factors described above, owning a home at an early age is a wise choice. Banks are also usually more likely to approve longer repayment terms if the borrower is younger.
Interest Rates Are Falling
When mortgage interest rates fall, the monthly installment amount is also affected. You can monitor mortgage interest rates through the bank or financial institution that facilitates home loans. Mortgage interest rates can change depending on economic conditions. Low interest rates are a good time to consider taking out a home loan.
When Property Prices Tend to Be Stable or Decrease
We often hear about property prices rising sharply every year. However, there are times when property prices stabilize or even fall, such as during the Covid-19 pandemic. When property market prices fall, there are usually many promotions and subsidies from both the government and developers. This is not only a good time to live in a home but also a good time to invest. However, be wary if property prices fall too much or significantly below market prices. This could indicate problems facing the area or the developer of the project.
Taking Advantage of Property Exhibitions
Property exhibitions often offer various promotions, special prices, and even faster loan application processes compared to buying at other times. You can also use property exhibitions to browse multiple projects at once, giving you more options. Before making a purchase at a property exhibition, be sure to inspect and visit the projects in person to avoid any unwanted losses later.
These are some tips for determining the right time to buy a home. Remember, buying a home must be done carefully to avoid future losses. If you’re interested in owning a pre-ordered home with Japanese-standard technology in Depok, you can contact us at 0823-1133-4579 (WhatsApp), visit us via Instagram DM, or visit the official YUKARI Sawangan website here.
