22 Lessons Learned: Homes

Why you may not want to buy your own house right away

Everyone loves the freedom that comes with owning a home. It is the same as being your boss. There is a lot that you can do without requesting for permission. You can renovate the house without asking for permission. You can paint a different color whenever you feel like. You do not have to notify the rental office of the guests you are waiting for to spend a night at your place. Although you have to spend a lot to own a home; you will like the freedom after that. 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 think of what long term lease and spacious duplexes for rent have to offer you. You may get what you want from these options as you prepare for a better house. You may have to prepare for a while, but you get something that will suit your style. Many reasons can lead to that option.

One of the main reasons is the current trend of the real estate value. The current trend is often referred to as housing bubbles. That is a situation where the value of the building appears to be going downwards instead of rising. That means what you are paying for your house today may be double the amount you can pay in one year. Buyers may not have to buy properties during bubble for a number of reasons. You may end up buying a home at a much higher value that it is worth. You may pay for a house with very few bedrooms, less feature, and facilities more than the actual value. You will not easily be able to sell a house that you bought during the housing bubble. You will stay with your mortgage for so long under water before the house can fetch the amount you paid for it.

The other reason that would make you want to wait is that you may end up saving some 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 married today and tomorrow you realize you are more than just you and your wife. Before you decide on which home you want to buy, you have to think of the changes that may soon come to your life. You have to make all those considerations before you settle on the property you want to own. You have the real estate trend, the mortgage and the changes in life to think about before making your decision.


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