Wednesday, February 11, 2009

Five Points to remember when Buying Home in Recession

I’ve met many people in last few weeks who want to buy a new home and the only reason to buy is “RECESSION”. As a financial advisor I gave them few suggestions before buying anew home and I want to share the same suggestions with you all in case if you also planning to buy a new home.

  • Buying a home in recession time is a great advantage but only in that case if you are 100% prepared for that. Don’t buy a home if you are not 100% sure about your finance because that may affect your and your family future.
  • It is true that because of recession, there is decrease in price of homes but it not true in all cases. There are chances that prices of homes of your area didn’t fall. So please compare the prices of homes before recession period and after recession period.
  • Recession became a big problem for those builders who were building home in the recession period because they could not stop building. So now they are building such homes which are more appealing to consumers. As well as they are giving heavy discounts. So find out such homes in your area. May be you’ll be able to buy your dream home at a very cheap price.
  • Don’t buy a home just because it is cheap in price but is not suitable according to your needs. Always remember that buying home is a long investment plan, so invest it in proper manner and in right place.
  • Find out the downfall in prices of homes in other cities too. May be you are getting less discount than others. You can give the information to seller of home and can ask for more discounts.

We all work hard to make our dream home. So keep this point in mind, make this recession period an advantage for you and buy a sweet dream home for yourself and your family.

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