When is a good time to get back into the property market I sold for a great price and am getting a great return for my money.but I am now renting?
Hi Louie that is a great question & one that I hear often. Personally for me anytime you can afford to jump into the market is a great time. If you are sitting there asking yourself the question then why not take it a step further by making some general enquiries with a broker to see if there is borrowing capacity & go from there. Best of luck & feel free to contact me should you wish to discuss further offline.
Rebecca A Mitchell
Awesome Lending Solutions
Whenever you find a good deal or a property you love and can afford.
There is no 'right' time but having cash in the bank is not as valuable as putting it towards an asset. The longer you wait the longer you miss out on possible capital growth and it's very easy to spend any surplus cash you might have which will reduce what you have to put towards your next purchase.
Louie. Hi. A very good question indeed. Unfortunately we do not have a crystal ball to see what will happen to property prices in the short term. All I could say is that historically, there has never been a bad time to buy property, with each market high point exceeding any previous highs.
At the moment, you may be happy with the return you are getting on your cash funds, however why are you paying someone else mortgage with those rent dollars ?
It would be difficult to see how re-entering the property market for your own home could be a bad decision, given you are renting right now.
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A great time to buy is when you find a great property that you can afford!
Over a 10-12 year period owning property is a proven way of building wealth.
Renting isn't wasted money, it is most likely cheaper than ownership and it allows you flexibility while you decide on your next steps.
I would recommend speaking with a free property advisor who can help you to buy an investment property and help you to choose a home to live in that will also be a sound investment.
Good luck with your next move