In this changing economy, it can be tricky to buy property. Here are some tips when considering buying real estate in this economy:
Buy less than you’ve been approved for – purchase a property that allows you to have and maintain a low debt-to-income ratio
Learn about mortgages, read the fine print, research as much as you can. Get the facts. Knowing the facts will help you make better, more informed decisions.
Put more than 5% down on your real estate purchase. Life changes especially in this dynamic economy and should you need or want to sell, you’ll have to come up with money just to sell.
Take advantage of the current lower interest rates so that you can keep your housing expenses down. But do not buy a bigger, more expensive property just because the interest rates are so low.
Take advantage of the fact that there is less competition as there are fewer buyers. Use your negotiation skills when purchasing property in this economy.
Buying property these days is not very difficult if you stay focused, balanced, and in control.