This is a tough question because there are all kinds of variables that you could look into for the area you’re planning on buying into – but we’ll leave those aside for now and look at when is the wrong time for YOU.

  1. When your life is unstable. You may be just coming out of a long term relationship (or thinking you should get out!), just moved to a new city or there may be uncertainty around your job. Sometimes you may need to rent for a little while to take a breather and let things settle. You don’t want to be making a hasty decision that is the wrong one, because not only is it an emotional roller coaster, but stamp duty isn’t cheap! Just take a breath and figure things out.
  2. When you’re getting pressure from others. If you don’t feel ready to buy a home, don’t. It’s a big commitment and responsibility and should be done on your timeframe.
  3. When your credit isn’t great or you have a lot of debt and getting finance is going to be hard. This takes a little more planning and working around, so if you’re in this position, I suggest you see a good mortgage broker who can look at alternatives for you and together you can come up with a plan to put things in place so that, in time, the lenders will see you favourably.

I love seeing people achieve their dreams of buying a home. But don’t get caught in the excitement of someone else’s dream if this isn’t yours.

When the time is right you’ll know.