Buying a house is a big milestone and a lot of young people are eager to get onto the property ladder as soon as possible, but is that really the best thing to do?
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Plenty of people will tell you that getting your own place is the best thing to do because it’s an investment and you are paying towards owning a property instead of paying rent on somebody else’s. Although that is true, there are a lot of other things you have to consider too. These are some of the reasons why you should wait before buying your first house.
You Can Save A Bigger Deposit
A lot of people rush into buying a house because they have enough for a down payment and they are accepted for a mortgage. But how much can you borrow? Even though you can technically get a mortgage, you might not be able to borrow that much, which means that you won’t get a great house. If you don’t want to make sacrifices on space, you will usually have to go for a less-than-ideal location, and that makes more difference than you think. It’s better to look for local apartments for rent in a desirable location instead of spending all of your money on a run down house or a house in a bad location. That gives you more time to save a bigger deposit and get your finances in order, so when you do eventually buy a place, you can get the house of your dreams.
You Don’t Have To Pay For Maintenance
Most first time buyers underestimate just how much it costs to own a house. People are always talking about how much money you save when you buy your own place instead of renting, but they fail to factor in the cost of important home repairs. You might think that you are financially stable enough to own your own home, but you may find otherwise once you move in and start paying for all of the maintenance. In many cases, it’s better to wait a while until you have more money to pay for the upkeep of your home. In the meantime, let your landlord deal with it.
It’s Easier To Move
Where will you be in five year’s time, or ten? You might not know that, which is fine, but you should consider that when you are deciding whether to buy a house or not. If you are just starting a new career, for example, work could take you halfway across the country. If you are renting, moving to a new place is fairly straightforward. But if you own your home, you have to go through the whole process of selling. If you only bought the house a year or two before, this isn’t ideal and you could even end up losing money on it. That’s why it’s better to wait until you are ready to put roots down before you buy.
People are always saying that young people need to get on the housing market as soon as possible, but that isn’t always true. These are some of the best reasons NOT to buy a house if you are young.
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