by Henri Zimand

Created on: January 29, 2009   Last Updated: May 01, 2010

Buying a home in these times is not the easiest of decisions. Yes it is the right time to buy and it will not fall much further than it is now.

There are houses already in Detroit that you can buy for one dollar and some mansions for hundred thousand dollars. This is an incredible opportunity that seldom appears.

In order to buy several factors are necessary to take into consideration. What is your situation for the moment, what is your liquidity, what is with your work and what has the future in sight for you, what is your credit score and so many other important points.

Taking into account that your score is excellent, that you have a steady income, that your job is secure for the next ten years at least, that you earn enough, then yes this is the time to buy. Are you buying to change house or are you buying to invest? These are all important questions. Are you living now in a home you bought or built? Have you got a mortgage on this house? Do you want or need to sell your existing house for the new home? All these questions need to be answered.

Is the new home near where you want to be or in another city? Will you be able to come to your job from there just as easily? So having asked the questions now let me answer some.

If you are renting your house, or have paid up the mortgage and can afford a better home, then now is the time to buy but not to sell what you have unless you get an excellent price for it. If you can take a mortgage and pay for it this is the time the mortgages are the lowest. Selling your existing house, you wait for the cycle to start climbing and then sell.

If you are buying to invest, take into account that all these cheap homes you can buy need also renovations and you need to spend a lot of money to refurbish them. Often very cheap homes like in Detroit means that people are leaving the area and the risk is that the area might never grow back and disappear and your investment as well because unless some promotion is done people will never move in to that area.

Now let me speak to others, if you don't have a steady income, if you are at risk of losing your job in the coming months or years don't try to buy cheap homes because when you fail, to pay your mortgage, your home will be taken away and you will loose everything and I am sure that this is not what you care to do and want to do or achieve.

So yes it is the time to buy, but you need to be certain that you can scrape through these times without any further challenges.

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