Reading The Signs That You May Not Be Ready To Buy A House

by Mike on June 14, 2017

Reading The Signs That You May Not Be Ready To Buy A House

Right now, all across America, there are people noticing that cultural shifts have changed the real estate market in a way that no other century has seen before. Fewer and fewer people are getting married, and ownership of homes is a declining sub-culture. Buying a home for the young is seen as having a too rigid of a lifestyle, with semi-permanent attachments to property and less freedom to move around the world. However, trends are often slow to get going and by notifying the reasons behind a lack of motivation to buy a home, is something that real estate companies are trying to rectify. There are many pros and cons of becoming a homeowner, and coming across what you may perceive as your dream home with a large garden, white picket fence, large living room and a garage driveway may be tempting, but, think about the intricate details of the whole process. Don’t jump the gun and assume you need to buy a house in order to have the perfect home. Pay attention to the signs that reveal you may not be ready to own a house.

A lack of funds

You might think that you have enough money to buy a traditional 3-bedroom home but look deeper and without bias, to see what your real budget is. Calculate the mortgage of the price range your intended home would be in, and then compute the amount of money you have upfront to show you’re reliable to a real estate agent. Secondly, factor in the long term money you’ll need to stay afloat, such as your income minus the mortgage or any loans you’ve taken on board. Upfront money is the down payment and any emergency funds you have. The long term money or ‘ongoing’ is a buyer’s salary, which is able to pay for any insurance contracts such as home insurance, as well as taxes.

Do you really need a house?

You shouldn’t follow the trend or cultural bias that’s been hammered into you since birth, that, owning a home is something that everyone must do in their life. Modern apartments have everything a home does and even more. Spacious linked rooms come with top market decor that’s contemporary in design and have functionality at heart. All the basics a house would have such as a washing machine, dishwasher, pantry and more than one bathroom, come as standard in affluent neighborhood orientated apartment complexes. However, you might be more inclined to buy a duplex and fund your rent by renting one side of it. The traditional bachelor or young couple route has always been to buy a condo or townhouse. Both are relaxed transitions from living in an economy class apartment.

You don’t plan on being bogged down

It’s big move to buy a house; it’s not only a financial burden and commitment, but it’s also mentally a brave move to semi-permanently plant yourself in one location on the planet. If you’re pretty sure you’d rather have the freedom to move around, say for example if you’re job hunting and the best job offer you get requires you to relocate, buying a house isn’t for you. If you buy a house and suddenly change your mind a year later, selling it would lose you money because the appreciation won’t match the closing costs. It’s wise to re-think whether a home is right for your current financial status and lifestyle, regardless of your emotional attachment to the idea.

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