Why buying your own home may not be for now
The freedom that comes with owning a home is admired by many. It is similar to being your boss. There are many things that you do not have to seek permission. You can renovate the house without asking for permission. You can change the colors of the paint at any time. You do not have to say to the leasing office when you are waiting for guests for an overnight meeting. Even though owning a house does not come for free, you will enjoy the freedom. At the same time you do not have to tie all your money to a mortgage to own a home. You also do not want a home that you will pay for mortgage all your life.
You can consider the spacious duplexes and the long term leases and see whether they can help you. You can take the option as you make for a home with better terms. You may spend some few months as you get ready to get something that suits your style. You may need to wait for a number of reasons.
One of the primary reasons is the current real estate value trend. The current trend is often referred to as housing bubbles. That is a situation where the property value seems to be higher today than a year to come. That will mean you may buy your house today for an amount almost double what it will fetch in a span of a year. Buying a home during the bubble is not okay for a number of reasons. First you will be buying a house at a price that is not worth. You may end up buying a home with small bathrooms, fewer bedrooms, fewer features at a higher price than its value. Selling a house that you bought during house bubble will be a big challenge. You will stay with your mortgage for so long under water before the house can fetch the amount you paid for it.
The reason, why you may want to wait, is the fact that you will save more money. Some mortgage applications only ask for minimal down payments. Several changes keep occurring in life You could be single today, and that status may change in a span of a week. You could be living with your wife today only to realize soon you are more than two. Those apparent changes in life should be factored in before making a major decision of owning a home. That requires you to plan well and consider all those factors before you buy whatever home you want to buy. Therefore consider the mortgage, the trend and the life changes and then decide the home you want to own.
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