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Buy Now Or Wait

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It can be easy to panic and feel pressured into buying a house when you see prices rising.

Here's how to work out whether it really is the right move for you. A friend of mine is in a difficult situation. He knows he can get a mortgage right now, but he sees difficult times ahead for himself financially, with precious few savings to fall back on after paying the deposit and other costs. Buying a house can put people under great strain. If you overstretch yourself, or if you're not in the most stable position in your job or family life, it could turn out to be the biggest financial mistake of your life. At the same time, like my friend you might see house prices rocketing out of your price range and feel there's little hope of ever catching up and getting on the ladder if you wait any longer.

Taking your personal circumstances into account, what you should do – buy now or hope to buy later – will mostly be a matter of common sense. But buying a house inspires passion, fear and other emotions, which can lead to unclear thinking.

So let's try to look calmly at the main issues to consider.

Prices never go just one way, If your financial position is improving, If your financial position will worsen, If you always expect to have little money, It's not all about money, There's no risk-free decision.....

This article aims to give information, not advice. Always do your own research and/or seek out advice from a regulated broker, before acting on anything contained in this article. Your home or property may be repossessed if you do not keep up repayments on your mortgage. Lovemoney

Buy or not to buy, with 5% deposit, that is the question!

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Buy or not to buy, with 5% deposit, that is the question!

The more i read , the more i am convinced not to buy. When i also start pricing in any kind of pension requirements into the equation, then , to me, it just makes absolutely no sense to buy.

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The more i read , the more i am convinced not to buy. When i also start pricing in any kind of pension requirements into the equation, then , to me, it just makes absolutely no sense to buy.

We may never buy again, we owned briefly between 2006 and 2011. We have since been happily renting much nicer rural properties in both UK and ROI, something we could have if we had staid in our damp Victorian House.

Our pension plan is sticking away gold and silver several times per year and hoping that in 30 years time it has held it's value. At that point we claim everything under the sun and move into a nice council retirement flat somewhere nice like Cornwall. :o

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