Is This A Good Time To Buy A House?

it is where i live. there are all sorts of perks available for first time buyers from the provincial and federal governemtn. my co-worker just bought her first house and she got a really good deal.

I always think that it is a good idea for someone to purchase property in a market like this. It is a buyers market and with the incentives that the government provides for first time homebuyers, it makes it even more attractive. I'm not certain where you are located but a recent phenomenon in the market that I live in is that each property is getting multiple offers so the prices are being driven up a slight bit (nothing like they were during the bubble). While it is more expensive if you take a 30 year mortgage to full term, it is probably a much more affordable way to purchase a home. If you faithfully pay $100 a month in additional principal, you will be close to paying off the home in 15 years anyway. When my son bought his first condo, he bought a two bedroom and rented one of the bedrooms out. It's a good idea to get a comprehensive home warranty and we have always put an extra $100 per month aside to cover repairs. Over time that will really help when you want to do some renovation. Good luck.

They say it is a buyers market and it would seem that there are many houses up for sale with great discounted prices so they move fast. I would ask if your job is stable with no risk of loosing it, do you like your location enough to have a house there and can you afford to get a mortgage with a 15 year fixed rate. Try to steer clear of the 30-50 year mortgages, they are a total rip off. Owning a house is a large responsibility and you loose a lot of time with repairs and a lot of money when things go wrong. You no longer have a landlord to call when you loose your hot water tank. Use careful consideration before buying a home, it is a huge investement, both monetarily and time.