posted on Sep, 26 2006 @ 02:00 AM
I have always been of the opinion that it's always a good time to buy a house. A house, in my honest opinion, is one of the best "investments" a
person can make. Renting a place to live, when compared to owning ones' own home, just doesn't seem to "pay off" in the long run.
Of course, a lot would depend upon how much one is able to put down as a down payment on a home, the interest rate -- fixed or flexible, and, of
course, whether you purchased the home at a "good" price. Was the house a fixer upper, one that needs TLC or is it done to the 9's?
If you are able to do renovations yourself and are able to purchase a good basic home but one that needs some TLC -- repairs that you, yourself, can
do --, you may be ahead of the game. Interest rates are still at reasonalbly low rates but one can expect them to go higher in the long run so this
still might be a good time to get into the market. But before you do purchase a home....do your homework and be realistic about what you are able to
do and about what the actual costs of repairs might be.
People are always underestimating the costs of the services of electicians and plumbers. Materials are another area where people always believe that
they can get things at a "reasonable price". Also, people never seem to allow anything in their budget for the unexpected. Remember, the moment
you begin any renovation, you are always bound to find a problem lurking behind the drywall waiting to be uncovered. With a home, you are always "in
for a penny, in for a pound". I can't emphasize just how important it is to be realistic and to do your homework.