Everyone dreams of having their own home; after all, it’s an integral part of everyone’s life. The shelter is part of every human’s basic necessities, and having a home that you can truly call yours is simply an extension of that. We value shelter so much that society has come up with the idea of a ‘dream house’, a house that possesses all the qualities one would enjoy.
But the process of acquiring a house is often marred by many difficulties and frustrations.
A large part of it stems from making the decision before being fully aware of what a process entails. Buying your own home isn’t as simple as buying a new phone. One can say that it’s even more complicated than buying a car. However, it is still a worthy effort to try and find a way to secure a house of your own.
To help you, here are some questions to ask yourself and hopefully guide you into deciding whether you should or should not buy a house right now:
Do You Want a House?
It might be a strange question to start with, but the question is valid. From our youth till our teens, we’re conditioned that we have to buy a house after graduating school and once we start working. Many parents encourage their children to set aside money to purchase a house. The pressure of owning a home is very much real, and it often affects the decisions of many unsure people.
However, what’s important is your own decision. Do you truly want a house? Are you ready to commit to such a responsibility? The process is long and tedious, often involving many legalities and paperwork. You might need to calculate your mortgage payments, go over your taxes, and improve your credit score. These are just a part of what goes into homeownership. It is definitely worth it, as you can have a place that’s ultimately yours. However, if you’re not ready, it’s best to wait till you think you are.
Do You Have a Reliable Source of Income?
As mentioned in the last question, having a steady stream of income is necessary as a large part of buying a house is making wise financial decisions. Having a consistent source of salary is important to meet the monthly mortgage that comes with buying a house. While lenders like banks or the government can help you, it’s largely still your responsibility to make ends meet. Thus, a reliable source of income should be among the first things on your mind before you decide to purchase. A good metric to base it on is whether you have enough emergency funds to get you through in case of an emergency and whether your current profession allows any increase in salary.
Do You Have a Place You Like?
A house is a permanent structure that can’t simply be moved from one place to another. This makes the location of your property very important. Before you make the big decision of wanting to buy a house, make sure that you have it clear where you want the house to be. And because the location is a big factor in prices, it’s best to consider what the property you’re looking for should have.
Should it be close to the city center so you can travel to work easily? Or do you prefer a suburban residential area where it’s safe and secure? Or you might even prioritize being near your family. The location often plays a large factor in making the decision to buy a house, so ensure that there is a property that you like in the place that you want to settle in.
Are You Ready to Manage Your Own House?
Besides the financial aspect of buying a house, there’s also the aspect of maintenance- especially when you’ve already bought one. Having your own house means that you’ll have to do the cleaning yourself, make sure that all the utilities are paid and met, and all the other mundane tasks involving housekeeping. Do you have the housekeeping skills necessary to maintain a clean and organized home? If you don’t, it’s never too late to start learning.
Having your own home is a lot like having your own room: it’s yours, you can do what you want with it, but at the end of the day it’s your responsibility. If you choose so, you can let it become dirty and disorganized. Keeping it comfortable and a good place to be in takes effort. If you’re not ready to commit to both the financial aspect and the day-to-day aspect, it’s better to wait for a later date. But if you have the housekeeping skills and the finances ready, perhaps the best time is now.