Finally, you got your dream job, after years of fruitless trial. And now, what comes to mind is what your parents say, so much since your childhood that it becomes a mantra “once a man gets comfortable, let him buy a house of his own, let him get a roof to shelter him from the harsh weather”. So it means it Is good to buy a house now. You are quite comfortable in the flat you rented and your salary is well enough to pay for the rent, cater for your needs and that of your family, and you could even save enough every other month, but you need something to invest in, Is it smart to buy a house now? Anything can come up in the future; far or near, you need to be able to do what you want and change anything in-house as you deem fit, so you keep asking yourself; Is it wise to buy a house now?
Buying a house comes with lots of advantages, you could change the position of the cabinet if you think it would make the house look better, you could remove the roof and add an extra floor, the structure of the house can be anyhow you want it to be since it is yours but that’s not the same as an apartment that belongs to someone else, someone you pay money to so you could live in the house for another year or month as the case may be, so you could decide to use your savings and get loan from the bank to build the house of your dream, Is it smart to buy a house now? You could even get your own tenants and get more money, a faster way to get back what you even spent on your house, so is it smart to buy a house right now?
There are several reasons to buy a house, the social influence of owning a house is another one of it and considering various offers that have been watering your mouth for a long time, so Is it advisable to buy a house now? But again, a house needs you to maintain it and attracts tax, all of which would fall on its owner. Fixing a leaking roof, replacing the broken tiles, fixing a cracked wall and replacing a leaking tap would all have to be from your pocket too, so Is it advisable to buy a house now?
It is absolutely smart and economical of you to think it through before diving into something that would cost you a fortune, it is a great sign to consider if it Is good to buy a house now, it is a sign of being wise with your money, and not being a spendthrift, which is something every individual needs to avoid poverty a huge deal. Read through this to the end with an open mind and get to answer the million dollar question; Is now a good time to buy a house answered:
Firstly, you should stop thinking of a house as a major investment. Yes, you should stop. The popular thought is that a house is something you build or buy as an investment, that you have tenants and get the money you spent on the house back in no time. While this is true in a way, it is not totally correct. Expenses come from owning a house too, repairs, renovations, tax payments and all sorts. A wind that would blow up the roof would not inform you of its arrival, whether your company pays well at that time or not has nothing to do with damages and you are left with fixing your roof to prepare for subsequent rainfalls.
Also, you cannot postpone renovations forever, if the tiles need to be fixed this year and the taps the next, then the roofs the next, it eats a great part of your income and that can be as frustrating or even more than paying rents.
Now that you have that popular mentality out of your mind, is it smart to buy a house now?
Onto the next step now, what is your net worth? Is it smart to buy a house right now?
Can you afford buying a house conveniently without ruining yourself? Would the welfare of your family still be catered for? The essentials in life according to basic economics is not shelter only, there are food and clothing too, there is your kids’ tuition fee, there are extended family members that might expect from you too. If you would spend everything you earn and your savings all on something that is not a safe investment, giving your net worth, Is it wise to buy a house now?
You should also think about the cost, would buying a house save you more money than paying rents? Think about the amount you pay your house owner, and outline what you need to build a house, would what you have to pay for a 2-year rent be equal to what would completely buy your apartment of choice? If it is not the same, which one is higher? If your rent is, you should definitely go buy a house. It is good to buy a house now. If buying a house is? Is the extra amount worth it? Would the extra amount be equal the convenience you would get from owning your house? Is now a good time to buy a house considering your net worth?
Another thing to keep in mind is your kind of person and the location of your desired home. Are you likely to get tired of living in a place for long? If yes is your answer, you should not be thinking of buying a house. Adventure is an incredible thing to do, you should totally enjoy it, so that should be what you spend on, not buying a house that might tie you down. You should consider the location of your home too, if it is an area that is prone to natural disasters, according to researchers and reports or an area around the border where two countries fight for ownership, such areas would have you fleeing after some or several years, and if there are no better places, you should not think of buying a house.
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