Youth can bring dreams of fortresses and castles. But as soon as reality sets in, you start to realize that though these are not impossible to acquire, it does require much more commitment to set up your dream palace on a hill.
More than dreams though, considering to either buy or rent a house requires a lot of introspect. Buying a house is a big decision, and you have to look within and beyond yourself in order to arrive at a sound decision.
So, if you’re considering buying your dream home – whether a condominium, a villa, or a house – here are a few things about yourself and your situation that you can examine:
Finances:
The main thing you have to look at is whether you have enough money to buy a home. But of course, you probably already knew that.
It’s still important to note though that having money to buy a home is completely different from having money to cover the costs after your purchase of the home. You have to think about taxes, maintenance, repairs, maybe even transfer fees and insurance. So, if you think you have enough for the house, do another round of research and try to find out what aftersales fees you have to take care of.
If you feel financially secure after this, then go and buy a home. If not, renting may not be such a bad option.
Others who have not met their home financing goals, however, may also try loaning. But this should be done with careful consideration. Piling interest may just end up costing more than what you bargained for, accruing into excess payments you could have saved had you just rented a place until you’ve saved up enough to buy your dream home.
Ask yourself if the loan is worth all the months or years of payment, and if you are stable enough to pay it through.
Personal Pursuits:
Other than preparing yourself financially, you also have to evaluate whether you are and would want to continue to be stable or flexible. If you have an active and jetsetter lifestyle, maybe buying a home can wait until you decide to settle down.
But if you’re already thinking about moving into a permanent home where you can grow old into, then buying a home is most likely to work.
However, if you do have more than enough money for both purchasing a home and traveling, you can choose to buy a home and have someone rent it out for a good return on your money. That way, if you choose to move back in the near future, you already have something secured.
Personal Capability:
While resources and ample planning play an important role in the decision-making process, you also have to exert a bit of physical effort to turn your home into one that you would want to live in.
If you buy a home with a garden, you have to either spend for a gardener or do it yourself. If your plumbing breaks, you have to at least know some basic plumbing skills. If this I something you’re not ready for, you can opt to just rent out a serviced apartment for ease and convenience.
Consider your needs:
Other than thinking about what you need for the home, also consider if the home meets your specific needs. Even if you have the necessary money, mindset, and capability, if a home does not meet specific non-negotiable requirements, then it’s best to look elsewhere.
For instance, it’s better to rent a property closer to your job than buying one that’s hours away from your workspace. Remember that just because you can, it doesn’t mean that you should. The same applies here.
Keeping all these in mind, you should also remember that more than anyone else, you know yourself best. Do what you want, but do what’s best for you.
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