4. Don’t try to predict the market…
Never decide to buy a property because someone says that something may or may not happen to the property market.
Not even the experts can agree on what will happen to the market and trying to predict the best time to buy is a waste of time. This is about buying your home, for you and/or your family.
If you are ready to buy, then buy. Owning your own home is a long-term decision and any short-term peaks and declines in the property market won’t matter in the long-term.
The most important factors for people thinking about buying to consider are their ability to pay for the home loan and their willingness to compromise on personal spending, which is almost always required with a home loan.
Be realistic with your personal financial budget. Not fully considering your lifestyle and expenses habits will come back to bite you. You could end up eating plain rice for the next 20 years. Home ownership is supposed to be rewarding, not a life sentence.
Finally, it’s worth remembering that generally, in most situations, your monthly rent can afford you a bigger and nicer home than your loan repayments will. So be prepared to manage your expectations with some aspects of home ownership.