Buying your own house is one of the biggest decisions and financial commitments you’ll ever have to make in your life. There’s a lot of effort you need to do to get it right and seeing the big picture in the end will definitely make it all worth the while. While at present you’re still dreaming of getting your hands on that dream home, you might want to start assessing yourself and find out if you can afford it. After all, your dream’s not going to happen until you start making a move.

Whether you want a huge property on the countryside, a lavish flat in the heart of the city, or a modest and smart home within a quiet town, you have also to consider the fact if now is the right time to start investing on that property?

Reports had it for the past several months that the country has been anticipating a significant fall in house prices that some people think they could use to their advantage. Since 2011, a lot of home buyers have been holding off on that urge to buy a house as they felt everything was just too high - house prices, taxes, mortgage interest rates, etc. These had limited first-time buyers, too, to pursue their dreams.

However, with the news that there would be a drop in the house price index and lower base rates in mortgage interest, house-hunters may now have a solid reason to begin their search for a good deal. But it seems to be more than that. While we’re looking at that significant decline in house price growth, other relevant organisations are implementing schemes to ensure they won’t be at the losing end here. We’re looking at tougher mortgage eligibility criteria, higher deposit requirements, and possible changes in interest rates. The reports on the other hand, vary from one body to another. While some news publications anticipate the house price drop this year, some have reserved opinions on the topic.

But how does this really affect you as a potential home buyer?

You’re wondering at this point whether it is still a good time to buy a house or not. If the reports of the decline in house prices is going to happen, waiting a little bit could pay off. However, there’s really no definitive rule as to when you could make a move and get a hold of your dream home. Really, the reports are just your reference and your guide, but something you’re not supposed to follow especially if you have given careful consideration of the following:

  • Your ability to afford - Do you think you have saved enough to cover a significant amount for the deposit; or even buy the house in cash?

  • Your mortgage deal - Have you applied for a good mortgage deal that won’t hurt your current and future budget? Were you given proper advice on how your mortgage repayments would mean adjustments to your cost of living?

  • The property’s location - This affects the price of the house, so it’s important you’ve given this utmost consideration. While you’re probably looking at somewhere with an easy access to places you need to be at regularly, consider how much the house costs and check it against your financial situation.

If after assessing yourself and asking these questions, you find that you’re still at an advantage, then by all means make the preparations to buy that house for yourself. What you could do to actually strike a good bargain is to negotiate an offer with the seller. If there’s a property you believe to be an ideal one to buy and you can afford it, there’s really no point in holding back, hoping that somewhere is price will fall, then you’re likely to miss the opportunity.