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.

 

[themasterlurker]

It's only going to get worse as cityslickers slime out of the cities, you're also competing with megacorps like Blackrock which hold $31 trillion in assets

 

[NigKid]

Id go for it, its gonna get worse for quite some time before it gets better and you dont live forever

 

[knobslobbin]

I'd focus on living somewhere far away from the blue hordes, cheap rent being a second consideration. No point in doing long term planning like taking on a mortgage at the moment with the world teetering on the brink.

Clownworld is all about enjoying your PS5 now, not worrying about a 30 year mortgage to banksters that will be enslaving you within the next 5.

 

[Sage In All Fields]

I'd go for it now if you're paying outright instead of a mortgage or shared ownership just in case money becomes inflated to worthlessness soon

 

[MrTroll]

Buying a house is stupid when you could spend that money on hoarding a giant stockpile of Ivermectin, the world's only known Covid miracle cure. The liberal media is suppressing knowledge of its efficacy now, but when the dam finally breaks, it's going to skyrocket in value.

 

[Joe Swanson]

Depends where your buying it and what condition it is vs how much it costs. I'd still say it's worth it provided if you won't want to kill yourself if it loses most of its value overnight

 

[Thumb Butler]

You should offer Null the money to delete your account, "kill yourself", and then buy a house.

 

[totallyrandomusername]

I'd say buying now is a better idea than waiting. Just make sure you are prepared to take care of a house. It's more work than many think.

 

[MissDrama]

Do it.

Rent is the most stupid waste of money, if you rent for 15 years you could have bought a home with that money, and you turn out having nothing on your name. Just sadness.

Real state is the safest thing to spend your money on. You won't regret it.

 

[Aqua Panda]

As long as it's a good home in a semi decent area, yes.

Make sure you'd be OK living there if things go tits up and it depreciates heavily. Be careful to make sure it's something you can really afford so you won't be underwater. Or if you are, it doesn't matter as much because it is your long term residence.

Do not buy a fixer-upper in this environment. A handful of small home improvement tasks are fine, but nothing requiring major work. Lumber and other parts shortages have caused prices to become insanity.

 

[440088]

Honestly, it's just going to get worse. We are quickly entering an era where mega corps are buying EVERYTHING. and you won't be able to live in a property without paying rent to WALMART CORP RENTALS or some shit, lol. You can still get cheap land in bumfuck nowhere alabama and places like that. But if you can get some reasonable priced land closer to actual civilization do it.

 

[Freshly Baked Socks]

Unless you have better ways to invest your money, what kind of king are you without a castle?

 

[big ups liquid richard]

Why not, they're not makin' any more land.

 

[JethroTullamore]

Hahahaha
You have enough to buy it outright!?
Hahahaha
That’s a funny lie.

 

[Gig Bucking Fun]

Yes. Wait for the end of the moratoriums to come into effect. There are 1.7 million home loans in the US that will be in delinquency when they decide to end loan debt forgiveness. There are currently 600k homes listed in the US. That means nearly 4x as many homes in the market as there are now.

 

[Least Concern]

IANA financial expert but I think the real estate market is a huge bubble which is due for a pop. I wouldn't suggest buying a house right now unless you're going to live in it and/or you expect to own it for at least 20 years.

 

[Agent Abe Caprine]

Cardboard boxes are dirt cheap right now. Go for it.

 

[eDove]

I think the interest rates are still pretty low. You definitely should go for it. Property can be one of your greatest assets.

 

[Let's Love Lain]

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.