Hesitant to buy a house?

Question

Me and my partner have been together 5 years and want to live together. This is the best time to buy a house as they are cheap but for some reason we are very hesitant, its the money! We know we can afford it but we worry so much about what 'could' happen in the future, losing jobs etc! Should we bite the bullet and go for it or hang fire until recession is over??

Answer 1

It is reasonable to be hesitant. Waiting until all the signs are ok may cause you to miss a decent run up in housing prices. You need to buy before recession ends.



If you are reasonable comfortable your jobs are secure and will have some emergency savings then go ahead.

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Answer 3

You're right now is a good time to buy if you've got the money together with a decent (like 20 -25%) deposit.



Are you able to get a mortgage?



Are both of you secure on your jobs so far as you can say, or perhaps working in a recession proof industry (such as the NHS or public services?)



If it were me I would take some independant financial advice - it might cost you to do so but in the long term it may save you an awful lot.



Good luck.

Answer 4

As to whether or not it is a good idea to purchase at present is really dependent upon your personal circumstances and what you hope to achieve. It is not necessarily the best time to buy a house right now and in the current climate it can be difficult to obtain a mortgage.



Firstly I would recommend you arrange a meeting with an independent mortgage broker http://www.wwfp.net/mortgage/mortgage-broker.html to look, in detail, at your personal situation and explain all the options available. From here you can draw a comparison to what it would be like to own a property versus your current scenario and deem whether or not it is affordable.



If you wish to safeguard yourself against possible risks i.e. losing your job there are certain protection policies available. It must be noted however these will add extra expense to your monthly outgoings and ask your broker to explain these to you, and factor them into your budget.



After all of this you will be armed with suitable information to allow you to make an informed decision about whether or not it would be a good decision for you to buy or not.



Disclaimer:

The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk

Answer 5

Two things about "waiting until recession is over".



#1 The stock market has gone up some- but we won't know that it has recovered until it has gone up quite a bit in price over an extended time. That would be to late to take advantage of some amazing price jumps- you have to take an educated chance. The same thing is true in the real estate market- if you wait until the recession is over you will also wait until the prices have gone back up (and be sure and pick a good location- that is everything in real estate value).



#2 When my wife and I got married we found dozens of reasons to delay having children. Financial, unrest in world, horrible people doing things to each other, ...etc etc. If you "want" you can always find a reason to delay buying a house. Right now we have extremely low interest rates, good prices, and government incentives (at least in US for 1st time home owners). When this is over the interest rates will be higher, the prices will be higher, and the incentives will be gone.

Answer 6

Another possibility is a lease-option.



I'd say that if you're qualified to buy, have stable jobs, have a stable relationship, and reasonably expect to live in the house for 5-7 years, then definitely buy.



But if your partner is just too worried to make that commitment, then use a lease-option as a fall-back position. You lease a property (at an amount approximately equal to rent) with an option to buy. Some of your rent is credited to the purchase price, so you'll actually have equity if/when you do choose to buy. And you lock in a price now, in case prices go up during the term of the lease-option.



However, what your partner will find appealing--beyond the fact that your monthly cost is comparable to rent, not a mortgage--is that at the end of the lease-option term you can simply walk away as renters can. So: If housing prices continue to decline and your agreed-upon purchase price is higher than the house's current value, you don't have to buy. You walk away. (Or try to negotiate a lower price with the seller.) You lose your job? You still have to deal with the remainder of the lease (remembering that it's set at rental rates); there's no bank to come after you to foreclose. You're not sure if you'll like the house? Try it out for a year or two as renters. If you like it, buy it. If you don't like it, walk away.



Lease-options aren't for everyone. But it sounds like they might be something to consider in your situation.



Hope that helps.

Answer 7

I think the biggest reason to not buy now, is that house prices could come down more in the following months. It's all a matter of timing it just right.



You said your only hesitation is money, so ye're happy to take this leap together.



My vote is go for it!

Answer 8

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Answer 9

the biggest concern that you should have here is that it's often not a good idea to buy a home without being married. if that's not a desire of an option then make sure that you have a very good lawyer right up a contingency contract. this could go badly very quickly if you buy said home and then break up two years down the line.

Answer 10

best thing is only get the amount of mortgage accessed on one of your salaries. start off with a terraced property that you can afford, if one of you loses a job you'll still be able to pay your way, that is how it worked in my day and nobody seemed to get in debt with it. having your own house is better any day than renting

Answer 11

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Answer 12

No, you're no longer being egocentric! you're questioning approximately your destiny and how forward on your toddlers. it incredibly is precisely what you need to be doing. Your call no longer being on the domicile incredibly in basic terms screws you in the long-term. For all of the excuses you pronounced and in case you 2 have been to interrupt up then he might get each thing and you'd be left on the line with no longer something. that's no longer a incredible subject. in spite of in case you 2 stay at the same time and one or the two one in all you passes away, then the domicile will circulate to his toddlers. it incredibly is large for his young ones yet leaves you and your toddlers without a topic. incredibly, any time and money you place into the domicile might actual under no circumstances benefit you, it incredibly is the completed objective of upgrading issues in a house. human beings do it because of fact down the line they get some variety of payoff. properly, you does not yet different human beings might. Your call must be on the domicile! You 2 would be residing there at the same time so it is going to no longer be in basic terms his domicile. it is going to belong to the two one in all you. you incredibly desire to think of roughly this earlier shifting in. My father (who i've got not got a actual relationship with) has made this dazzling mistake. he's residing along with his female chum in a house that purely has her call on it. He has no declare to that domicile yet he will pay the non-public loan, has paid for advancements on the domicile and HIS mom and dad in basic terms paid to have an in-regulation apartment further for them to stay portion of the twelve months. So while they the two wreck up or one in all them passes away my Dad and his relatives would be left with no longer something and her and her toddlers will earnings from the domicile. that's a foul subject. in spite of if, he does not even see it! a minimum of you have the experience to work out this occasion for what that's. in my view, you will purely lose in this occasion with him and his relatives purely gaining. If I have been you, i might the two get my call further to the domicile OR no longer circulate in in any respect. good success on your decision! Please think of long and tricky approximately it! -Brit

Answer 13

This is the risk that everyone takes when taking on a mortgage, even before the recession.



No-one knows when the recession will be over, it could take months/years.

Answer 14

well the alternative is to rent together and the same reasons for not moving in together still apply.



You dont say what your living arrangements are now but if it does go horribly wrong can you not return to what you are doing currently?

Answer 15

Wait til da recession is over

Answer 16

Go for it. You may not be able to afford when the prices go up again.

Answer 17

get a third person