The shelter is among the basic necessities needed to survive. Throughout history, the concept of a ‘shelter’ has evolved, continuously being refined to what we now perceive it to be. Shelters were once caves, then temporary tents, then to something a bit more permanent- the thing we call a ‘house’.
Houses are indeed a place of shelter, protecting us from the elements and keeping us safe and comfortable. However, houses have evolved passed beyond simply being shelter. They are now part of an individual’s personal expression, an extension of themselves. That’s why owning a house has become a life long dream of many. People from all over the world dedicate their life’s work to owning a house that they can truly call their own, making it one of the most common aspirations.
However, with the constantly changing economic tide, simply deciding to buy a house can be difficult. If you purchase a house before you’re fully ready, there are severe financial repercussions waiting for you. A house is a long-term investment that requires full commitment. You cannot simply back down once you’ve decided in buying one.
A Difficult Decision
The difficulty lies in the first step- deciding whether you should finally commit to one. What’s important is that your decision should be fueled by the correct reasons. It should not be spurred by spontaneity, nor pressure, and it should be done with a long-term plan in hand. If you’re torn about whether you should purchase a house or not, here are a few considerations for you to think of.
Do You Have Enough for a Down Payment?
A house doesn’t go for cheap. It’s not a long stretch to say that purchasing a house is among the largest financial expenses someone can make in their lifetime. Thus, before you even consider buying a house, you need to have the financial capacity to cover at least the down payment. While there are many affordable financing options and loans now available, it’s not good to completely rely on them.
The best option is still to save as much money as you can to cover the most cost, and then maybe use loans if you truly need them. Remember that real estate property is something that stays with you for the rest of your life (or you sell again for a profit), and the price can reflect a lifetime of work.
Are You Being Peer-Pressured
Many people apply for house loans simply because they feel like they should own a house at their age. Society tends to place an expectation that those of a certain age will buy a house, get married, and start a family. This alone can sometimes be enough to drive someone to purchase a house- especially if they are surrounded by people already meeting this expectation.
However, what’s important is not society’s expectation of you- what’s important is whether you want it or not. Don’t give in to peer pressure, and follow your mind when deciding to buy a house.
Have You Cleared Your Debt?
Perhaps you are looking to purchase a house to avoid the ever-increasing mortgage prices of apartments, condominiums, and other forms of rental real estate. But remember that before you apply for a loan or even consider purchasing a house, you need to make sure that you are cleared of debt. Having large debt can make your chances of applying for home loans more difficult, and in the off chance that you are approved of a home loan, the topic of payment comes next.
How will you be able to accomplish all the payments on time? Before you commit to a big financial move such as a real estate property, make sure that you have tied up other loose ends.
Are You Dead-Set on Owning a House
Perhaps the most important factor in buying a house is whether you truly want one. Buying a house isn’t like online shopping where the e-commerce product is shipped in a day or two, with refunds available if you don’t like the product. Buying a house is a big responsibility, and those responsibilities will simply grow larger once you’ve moved in. Once you have pondered about the points raised above, ask yourself: do you still want to buy a house?
Real estate prices will always be increasing, and the best time to buy isn’t now or later, it’s when you can afford it. If you feel like your reasoning falters in the face of logic, then perhaps it’s best to wait for a better opportunity before buying one.
