The COVID-19 pandemic has undoubtedly thrown a spanner in the works for many markets and the property market is no exception. Uncertainty around buying and selling has grown, but thankfully the property market has prevailed and is proving resilient.
However, with interest rates at an all-time low and property prices rising year on year, the age-old question ‘when is the right time to buy your first home?’ is seemingly becoming more difficult to answer.
Many of our customers looking to invest in their first property are reminded that the truth is, buying a property is about so much more than just the numbers.
So, when is the right time to buy your first home or move to your forever home?
We talked to Rob Starr, CEO at Seico Insurance & Mortgages Ltd, about his advice to home buyers post-pandemic –
Of course, the numbers must work. The mortgage must be affordable to you, and you should always make sure that you have enough disposable income left after your mortgage payments to still live the life you want to enjoy.
Having a property and being stuck in it because you cannot afford to go out is not really the ideal position. So, the finances must work, and your quality of life must always be a priority. However, numbers are just one part of your decision making.
Buying your first home or perhaps moving to a bigger home is a very exciting time in anyone’s life. Owning your own home is something that so many strive for; it gives you an asset that over time will grow and the security of a roof above your head. Perhaps most importantly, it gives you a choice as to how you want to live your life, from how you decorate, what you surround yourself with and the ambience you choose to live in.
To answer the question ‘when is the right time to buy your first home or move to your forever home’, I think the answer is to follow your heart and your instincts rather than the interest rates or the property prices.
Stoneham Lofts, Hove.
Asking Price: £350,000
Ditchling Rise, Brighton.
Asking Price: £325,000
Affordability is undoubtedly key, but that aside why not go with your gut?
If you want to buy now and can afford it, what are you waiting for? If you choose to wait until the universe delivers the right house for you then send those signals out, sit back and wait. Either way, the decision of when to buy should be as much an emotional decision as it is financial.
A visit to your local estate agent will undoubtedly get those emotions flowing and excite you enough to start dreaming that dream or perhaps even fulfilling that ambition.
Third Avenue, Hove.
Guide Price: £575,000
The Pinnacle, Hove.
Asking Price: £385,000
At Mishon Mackay, we make it our mission to make the buying and selling process as easy as possible, so that you can enjoy this time for what it is, exciting!
Buying your first property, or your forever home, marks a huge milestone in your life and we strive to encourage that excitement. Based in offices on the south coast, from Portslade to Rottingdean, including four offices within Hove and Brighton Central, plus our Hurstpierpoint office covering Mid Sussex, wherever you are our team of highly skilled and trained professionals are ready to help.