Buying a property is a big decision and we can all, quite understandably, feel a bit anxious about it.
One of the first that questions I hear from clients is often “Is this the right time to buy? Should I wait until more property comes on the market/prices slow down“etc.
These are perfectly reasonable questions and this is my response.
1. We can’t be sure about anything at all either in property or in life.
The dramatic crash in Irish property prices after the price peak in late 2006 wasn’t predicted by most of us. The majority of us were shocked by the election of Donald Trump as president. The future of money, as we have always understood it, is being put in doubt by cryptocurrencies. This is a dynamic world and we have seen enough truly surprising and shocking things to know that we can’t predict anything for certain. So in my view, it’s hard to make sense of “waiting” to buy a property on the basis that any one particular event will happen including the fall / rise of property prices, increase/decrease in property supply.
2. Recognise a Golden Moment when you have one.
When you have :
- a desire to buy a property
- an ability to finance such a purchase and
- the time and energy to look for a property
then this is what I call a golden moment and one not to be taken for granted. If you “wait” for some property related event to happen before you buy, then something else that you haven’t predicted might also happen eg. A change of job conditions, a change of health etc.
So NOW, in this “golden moment” when you have desire, financial capacity and energy all working together, is in my view the “right time to buy”.