Should I hold off on purchasing a home?

[Let's Love Lain]

I have enough money to buy it outright but all this talks of the property market and economic downturn due to covid is making me question whether I should wait or not to see if I can get it cheaper.

 

[MissDrama]

Alright, I read everyone's responses. Despite land/property being a good investment, I'm more concerned with the concept of ownership and having a permanent roof over my head. I wouldn't say it's a super great place but to be honest I feel lucky to have a job/food/place to live. The area is up and coming and it's not far from the city so the area could improve, it's fairly peaceful 99% of the time though. I came into a large sum of money due to some unforeseen circumstances so it's not like waiting will put me in a more favourable position I guess. Thank you for your advice, everyone who took the time to comment.

Sounds like the perfect moment to buy it then, if you see the area might improve in the following years then you're buying it for cheap and the property will increase it's value, so the investment you put on it will grow.

As an example, I bought an apartment in July 2019 in an area that was starting to become more popular, in December 2019 a lot of cultural events started to be done in the area and it became the new place young people wanted to move to... thanks to this, the value of property sky rocketed in this area. In just 3 years my apartment is worth 40k more than what I bought it for, and a museum is being built just in front of it, so once it opens the area's value will increase to at least 100k more than what I got this place for.

Try to investigate if any building licenses have been given lately on the area and what is expected to be done in the next years.