by Barry Marcus

Created on: July 27, 2008   Last Updated: July 02, 2009

A home is not only an investment. Your home is your castle, your retreat from the world and a place to build a family. For a young couple just starting out or for those starting a family there is no time like the present to buy a home. A home is the foundation of a good marriage providing a long term base.

House prices are cyclical. A low market is always a good time to buy even though it may be several years before the market rebounds. The property market will rebound. If you are in a position to buy a house and can afford the repayments, buy now. Waiting to buy could result in paying much higher prices in a rising market.

If you are able to buy a home now, there has never been a better time. Once the recovery begins, home prices are likely to rise rapidly. A lot of people will be lamenting the fact that they didn't buy in 2008 or 2009 when prices were low. There is no doubt that the economic crisis will end. The only question is when.

It is important to remember that you are not buying a house, but a home. It is a place where you centre your life and raise a family. A home that you buy is yours to keep. You are free to change, improve or even rebuild it.

Renting is a poor alternative. Rents have a tendency to increase annually and sooner or later the owner of the property will want to sell or move in. Money spent on rent is gone forever, while money paid into a home loan increases your equity in the property.

The main criteria in the buying decision should be you and your family's needs. The best time for newly-weds to buy is when they begin their new life together. If you are expanding your family and need additional accommodation, or looking to down-size for a retirement home then now is the ideal time. The only constraint is affordability. Are the mortgage repayments affordable? Will you still be able to cover the payments if interest rates rise?

The economic crisis sweeping the globe has prompted many into selling their equities and postponing the decision to buy a home. As the crisis deepened, Warren Buffet stated that now is the time to buy. He has the means to buy anything that he wants and is active on the bargain trail. With markets of all sorts lower than they have been for years, now is the time to pick up bargains.

John bought a home in a good location in 1987 for $76,000. The market had just started to rise and within a year the value had doubled. By 1993 the house was worth about $350,000. Another property slump followed, and for the

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