Question
Should I buy my first home, or wait ?
It would be my first home and I will be able to get the $8,000 from the govt. I have enough for 5% down (all thats required by the bank for the condo i'm looking at). The monthly payments would stretch me a little thin for a few months. However I have a good job and a very supportive family in the event some thing happens. Do I wait untill i know i am 100% comfortable making the paymetns and loose the $8,000 (they say that program will most likely end Dec1st ) or just work hard and focus and buy now ? The housing market in my area is very strong. The people loosing jobs and homes hardley makes headlines. because its so rare.
6 months ago - 3 answers
Best Answer
Chosen by Asker
If you have no home to sell and you have some savings to whit, you can put down some sort of deposit this is an ideal time! Why? Well, as the market for everything, not least houses is depressed, sellers know if they are to sell they have to bring down their price, ergo, you benefit and the potential seller of the house they wish to buy will have to reduce and so on. So, Yes is the answer! BUT ! Do Not exceed your living costs by how much you borrow. Stay within your means. REMEMBER! This depression WILL end and proces and interest rates will rise and your mortage payments will go up so before you do anything ask yourself this question. Will I be able to afford my payments if rates rise by 2% if the answer is yes then fine, if the answer is NO then look for something cheaper or get good at negotiating your house deal. Hope this helps
by Fun
6 months ago
Asker's Rating: 
Other Answers
If your plan B is to rely on family in the event of trouble then you should wait. There is too much uncertainty right now in your mind with this transaction. If you would be willing to use that $8,000 to pre pay mortgage then I may change my mind.
by David Z- 6 months ago
wait
by KILANI- 6 months ago