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What to consider when deciding if it is time to buy a Port Moody home

The decision to buy a house is likely to be the biggest investment you can ever do. Having the timing right is paramount because it saves your money and bustle. Generally looking to find Port Moody real estate listings, spring is busiest thus most properties are put on sale during this period.

Other factors that a prudent investor will need to put into consideration includes the investor’s credit rating, tax considerations, loans down payment, level of interest rates and whether prices are going up or down.

Consider the prices of houses in the region in which you wish to purchase a house. For instance if prices are going up at an increasing rate it worth buying a house almost immediately. Where the prices are going down and you may need to sell soon then it is advisable to wait before investing in real estate. If prices are fluctuating quickly than waiting for a while is the best option.

The question of whether your credit rating is good or bad needs to be answered before deciding to invest in real estate. Most mortgage institutions demand that the borrower has a good credit history to warrant a mortgage. Lenders have a fixed a minimum credit rating that the borrower ought to have to qualify for a mortgage.
Consider the market interest rates or the cost of borrowing. Look around for the most competitive interest rates from financial institutions. Mostly, long-term mortgages have a lower rate than short-term ones.

In most cases lenders will require the borrower to make a fixed mortgage down payment such as 20% of the total price of the property. You need to consider if you have the down payment with you before deciding to invest in real estate.

Last but not the least, consider if the government in your country has any tax credits or tax shields for buyers of real estate properties. If the government plans to lower taxes on real estate properties then it is the most ideal time to buy. If you need more information, find a good Port Moody realty to help you out.

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