Should I buy a house or hold off? Here’s what you need to consider.

There’s nothing quite like the feeling you get, walking into a home you own. That sense of, ahhhh, this is mine. Knowing every dollar is getting you closer to living, mortgage-free. It’s the Australian dream of the times.

Date:

15-Jan-2020

Category:

Buying

Tags:

Author:

Amanda Smith

Should I buy a house or hold off? Here’s what you need to consider.

There’s nothing quite like the feeling you get, walking into a home you own. That sense of, ahhhh, this is mine. Knowing every dollar is getting you closer to living, mortgage-free. It’s the Australian dream of the times.

But it’s not that black and white. You have to ask yourself the question, is buying a home best for my situation? The great part is, you have options. You can buy a house and live in it, invest in property (and reside elsewhere) or rent.

Don’t rush into anything and take your time to explore your needs, lifestyle and financial goals. Once you’re ready to talk to a real estate agents in the Adelaide Hills, you’ll be empowered and clear in your decision-making.

Timing is everything.

Answering this question isn’t a straight yes or no. There are elements that play into it, beyond your personal circumstances. For example, house prices, the market, economy, interest rates and future growth of regions. 

Is it a good idea to jump into property ownership at times of economic downturn? Is it important to pay attention to rising unemployment and recession rumours? We know that property prices in Australia’s five largest cities having risen 0.68% and restrictions on lending are starting to ease. Experts predict Adelaide house prices will jump 1.4% in 2020.

Yes, investigate these statistics, look at the trends of today, and go back a few years to better understand the current landscape. Be as specific as you can in your research. Focus on your region of choice and a few of the suburbs you’re looking in.

What’s currently happening in these areas? Look at upcoming zoning and developments, fluctuations in sale prices, and demographics of the residents.

Can I commit to this for 30 years?

It’s a daunting, but essential, question to ask yourself. With property, the best strategy is to play the long game. Yes, you might sell the house if you outgrow it or life circumstances change, but it’s smart to go into this decision with the assumption you’ll keep it for years, decades even.

If you’re thinking of buying a house in Mount Barker, Nairne, Littlehampton or Strathalbyn, sit down with the First National Nitschke team. We’ll provide honest, objective advice that’s tailored to your personal needs. And if you decide to stay renting, we can help you find a house that fits your current lifestyle.

Everyone’s version of ‘home’ looks different.