You might wonder what the title of this post means. Of course, everybody buys a house at some point…right? Wrong! Many people are actually deciding that buying a house is not for them. That’s right: EVER. They consider it a liability and not an asset. Buying a house can be a good choice for some people, but it isn’t right for everyone. Read on to find out if you should ever buy a house:
Will the House Appreciate?
It could be a good idea to buy a house if the house will appreciate. However, you need to be really smart about this. You might think that all houses appreciate in this day and age. But that isn’t strictly true. You might buy a house for $200,000 and then years later it’s worth more than double the price. This would be the case with anything you bought, due to inflation. The house itself doesn’t appreciate much at all, unless you’ve spent a lot of money remodelling. And even then it might not be worthwhile! Work out whether the house will legitimately appreciate or not.
Are You OK With Staying in One Place?
The problem with buying a house is that you pretty much lose your freedom and flexibility. You have a new responsibility, and you’re not going to want to go anywhere if you have a house to pay for. If you dream of travelling or living in different places, then buying a house really isn’t the best option for you. However, if you know exactly where you want to live, you can go ahead and buy.
Are You OK With Spending a Lot of Money?
It goes without saying that buying a house means spending a lot of money. Most justify it by saying that it’s an investment, but as we’ve discussed, this isn’t true. The money you put down as a deposit for your new home is basically dead – you’re never going to see it again. You then have the repairs to think about. As you live in a house, there are going to be repairs and things to make. Renting means you get these sorted for you by the landlord, and you don’t have to put down a ridiculous deposit. A landlord basically works for you if anything goes wrong, says Russell Res.
Will You Be Able to Stay on Top of Maintenance?
Will you have the time to stay on top of the maintenance a home requires? Renting takes this worry away, as it’s the landlord’s obligation to fix it asap. This means you know you’ll always have somewhere safe to live. Having a surprise repair in a home you own can be devastating.
What Are the Real Reasons for Wanting to Own?
Have you been brought up to believe that everybody should own a house? That it’s the right thing to do to ‘settle down’? You need your own honest reasons for wanting to buy. Realize that it isn’t always the right thing for you just because everybody else is doing it. It’s OK not to own!