Examine your financial situation. Are you having trouble sticking to a budget because you are overextended with debt obligations? To be prepared for emergencies, save enough money to cover three to six months of expenses. You may aim for a larger emergency fund. However, this depends on your comfort level. While trying to be positive, prepare for the worst-case situation.
If you already own a property, consider whether now is the best time to sell. Consider refinancing your current mortgage and take advantage of the present low rates. Even if you have no plans to sell, you should refinance now to take advantage of the current low rates, which will allow you to sit tight and weather any market storms.
If you overpay on a property, you can almost be bankrupt when the market recovers. You are better off searching for less expensive properties if you’d have to watch every penny to make a mortgage payment. Overbuying can be risky. To avoid overextending yourself financially, develop a rigorous home buying budget before you begin home hunting and stick to it.