Buying a house
For most renters purchasing a house has sentimental value, you acquire to belong, to come home to a sense of familiarity and build a base to have a family, wanting to buy a house to make it a home for the free will it entails. Things don’t suit your taste, Change it. It’s your house anyway. But here’s the thing on the downside, all of these feelings and facilities don’t come cheap. There is a price to pay, and it’s a big one because you are sinking your savings into an asset that’s not even guaranteed to have your attention in a span of let’s say four years, because of life.
Factors to consider before buying a house
Mobility: Buying a home in most cases implies you plan on staying there hereafter. So when you buy a house to move into you give up on movement.
Area analysis: Analyze real estate potential, consider housing markets of the properties in that area also to get an idea about future potential in case you decide to sale.
Sniff out issues: Check for molds, pests, water leak and such inconveniences you don’t want to deal with. Walk away from a bad deal, you can make compromises but don’t settle.
Commitments: Think of Commitments not just concerning paying for your house loans and the long-term maintenance but also regarding plans like marriage and treating or distributing your assets.
Cash to spare: Focus on affordability, you need to have enough money to spare to make a down payment, even if you are taking a loan, assuming you can take a home loan.
Overhead expenses: Think about property tax, possible renovations, maintenance, furnishing, etc. Are you capable of financing these?
There is a lot to consider, make sure you take your call, and not anyone else’s because you don’t have to buy a house.
Know your money IQ better. Build the right money attitude to start saving for your dream home.