There’s an old saying which goes: there can be no progress without sacrifice. Though a tad bit cliche, this theme rings true for our first question. 

Am I ready to give up my freedom? 

Make no mistake, you’re entering into a serious, committed relationship with both your lender and property tax until you sell or pay off your mortgage in full.  

But wait, even after the loan goes to zero, those friendly property taxes and maintenance fees will just keep on chugging.   

Yes, these partners are a permanent fixture in your life as long as you own.  Simply put, their presence is non-negotiable and from that perspective, you have no choice but to give up a little bit of freedom—here and there. 

Am I buying for today, tomorrow or a little bit of both? 

If you’re a couple considering kids in the next few years, then buying near good  schools, daycare facilities or family supports, is something you should consider from day one. 

If on the other hand, your goal is simply to gain an entry point into the market to become a homeowner, then you may not have the luxury of future-proofing every aspect of your purchase.  

Instead, you should focus on a set of basic criteria that allows you to secure your first purchase. Over time, as you gain from the increase market value of your home, then you can always transition to something more fitting to your circumstance and available resources.

Remember, in an ideal world, we would all love to checkmark everything on the purchase-list from day one.  But, reality bites and we are all faced with opportunity costs.

Why now?

Maybe property prices and interest rates are heading up and you feel waiting longer might price you out of the market. 

On the flip side, maybe property values have softened and you interpret this as a golden opportunity to jump in. 

This strategy is called timing the market and well, it’s a far from perfect science.  Trained economists often miss the mark on forecasting the direction of the market while sophisticated software models fail to accurately predict long term interest rates. 

That said, what are your chances of making an educated guess?  The truth is, the answer to Why Now  should be determined by you and you alone.  

Your personal circumstances, financial resources and emotional readiness ought to be your first guide. From there, you can seek out the guidance of professionals to help you achieve your homebuying goals.