Owning a home is considered a necessary milestone for most people. Quite a number of people are still tenants in other people’s homes despite the fact that they are capable of being landlords themselves.
But, not everyone needs to own a home. As the saying goes ‘There is a time for everything’, and there is a particular time or period in your life when buying a house becomes a pressing need, and some other times when it is just a luxury.
So when then should buying a house become a priority?
There are many questions you should ask yourself before taking the plunge. Am I ready? If you feel that you are ready enough to bear burden of buying a house, apart from the financial challenges, then you should make it a priority. Bear in mind that the burden of owning a house doesn’t end when you buy or build one as you will continue to bear costs and expenses such as property insurance, property tax, utilities, renovations and maintenance.
#2. Financial Security
You have updated your books, assessed your monthly debt and monthly expenses and concluded that you have enough money to purchase a house or could save towards buying a home. Then it is time to buy a house.
Are you married or about to get married? Then this might be the right time to buy a house. Having a home for yourself and your spouse could provide some security.
Renting can be quite an unpleasant experience particularly if you’ve got children. This is because of the fact that children don’t easily adjust to change and find it hard to form new attachments. Owning your own home could help avoid questions like, “why do we move all the time?”.
And by the way, a house is a great investment that could last in the family for years and years.