Buying a house is a thrilling experience. You set out on a venture to own your own home: a true American dream. Congratulations for having the courage to embark on this journey. But are you sure you are ready for it? If you are asking yourself “shall I buy a house now?” then read ahead and be a featured guest on the latest edition of “who are buying houses now?” 🙂. There are many reasons why a person chooses to buy a house. But if one does it while not ready, they might put themselves in a tiresome limbo of psychological, emotional and financial turmoil. Explained in detail below are some of the reasons you should and should not consider buying a house.
Reasons to buy a house
You are prepared for the whole process.
Most people avoid the whole house buying process because it seems tedious and time-consuming not to mention requires one to be financially capable of taking on such a huge responsibility. But after doing enough research and have been planning for a while and believe you are ready, then by all mean go ahead with the process.
If you ask yourself “shall I buy a house now?” with the answer yes at the back of your mind go ahead. Get into the market and look around for your dream house, negotiate, do all the paperwork and finalize the deal and be ready to move into your new home. Don’t wait anymore buy your house now!
Businessmen in the profession of investment will gleefully narrate to you the significance of investing your money and if you ask them “I want to get into real estate, shall I buy a house now?” they will wide-eyed articulate how investing will grow your money and may even be a way to beat inflation. They might even engage you in the ‘I can help you buy your house now’ conversation. They could also give you the how’s and why’s of the real estate. And if you inquired farther they could reveal to you who are buying houses now. One of the ways of investing would be acquiring a house for equity. Houses appreciate in value over time. So, the worth of a house now would undoubtedly go up in price after a period in time and should you choose to sell it, the returns would be higher than the amount you used to purchase it in the first place. You should be planning on buying a house right now.
You have job security
People with job securities tend to take financial risks more often than people who don’t have job security. If you have a job security and asking yourself, “shall I buy a house now?’ the answer is that there is no better time. Getting a house while being sure of employment for a long time will be beneficial to you in both a financially and emotionally. Getting a house is a form of investment and will beat throwing away money through paying of rent. You should be
And if you love the idea, you could just choose a different career path and join the luxurious real estate industry. What are you waiting for? You should be buying a house right now
Break on Taxes due to mortgage loan
When paying the mortgage, the majority of the payment goes towards remunerating the interest. But you could opt to deduct the interest from your overall taxes. This can help you trim down the total sum of taxes payable at the end of the year. This is what most mortgage owners are doing right now and is truly one of the advantages of owning a house of their own. ‘Shall I buy a house now?’ Yes! You should
When a person has decided to settle down, getting a house is one of the first things on their checklist. They would have to decide on the type of neighborhood and community that they want to settle in. A plan to have a family is also another reason to get a house. Most people would want to raise a family in a family house and in a community with a conducive environment. They would also consider the closeness to schools as well as ease of access to the public transport systems. If you are planning on settling down but still asking, ‘shall I buy a house now?’ you sure you want to settle down yet?
Reasons not to get buy a house?
Adults are under constant pressure from society (friends and family alike) to get their own houses once they get married. At every turn, they make they are bombarded by an unending series of uncomfortable questions probing and enquiring as to why they haven’t secured a house yet. Giving you the occasional rhetoric “do you know who is buying houses now?’ in a bid to create a psychological need for you to get a house. Most of them give in to the pressure and go on to make the grave mistake of deciding to get a house even before they are ready. This leaves them inundated by the sheer amount of workload about the house buying process with emotional strain leaving them scarred and exhausted.
If you don’t stay at one place for at least 5 years, then buying a home is surely a bad idea. Residents who work in companies that are prone to transfers should stick to renting and wait out for the appropriate time before securing a house. If one does go ahead and decide to get a house, then they had better be sure they are financially better off. The total mortgage payments coupled with the continuous apartment rent may cause financial strain as well as emotional strain.
Being assured they qualify for a mortgage
Getting prequalified for a mortgage should not be reason enough for a person to get a house. A mortgage is a loan that would ultimately require being paid back. Therefore, to be on the safe side, it is better if a borrower saved enough money to pay a substantial amount as down payment, preferably 20%. Just because you are financially stable now doesn’t mean it will stay that way forever and should therefore not be a reason for you to buy your house now. It is therefore prudent to avoid amassing a debt of any kind and stay on the safe side lest the pecuniary conditions turn against you. If the bank prequalified you and are now asking yourself, ‘shall I buy a house now?’ You better hold on until your bank account is fat enough
If you are not ready to handle the extra costs that come with repairing your own house then it is best you steer away from the house buying business altogether. Owning a home can be luxurious and a real treat as with every property, it has to be maintained. This means paying for home inspection and if there are signs of structural damage then even the hands would have to dig even deeper into the pockets to cover the repairment expenses. If you can’t handle the expenses, leave the whole ‘shall I buy a house now question’ unanswered and stick to renting apartments.
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