Home Buying Guide: To Buy or Not To Buy?

Although being a homeowner possesses advantages, it is not all games and fun. Sometimes, it can be a roller coaster ride. As you age, you will start to feel pressure in buying a home. But, there's no need for you to hurry. It is perfectly alright to wait.

To ease the pressure, here are some reasons whether you buy or not to buy a house in the future;

5 Reasons Why You Need to Buy

House prices tend to rise overtime - years from now, the biggest housing will appear in modern history that is why owning a house early makes an advantage because you don't have to pay for a larger amount just to own one.

You'll pay less tax and save money - if you own a new house, new home loans tend to gain the greatest tax advantage. The newer the mortgage, the higher the annual interest rate, which means bigger tax cuts. Real estate taxes are deductible, providing the homeowner with great advantages.

You'll have the peace of mind - you don't have to worry about irritated landlords and rent expenses. You'll be able to live in your home for as long as you can with security and comfortability.

Selling a home when you please - if you think of owning a new house or you like to move to another place, you can sell your house as you please. No one will interrupt you with the choice because it’s your house and it’s up to you whether you sell or not.

The home will be yours - you can do whatever you want with your house because you own it. No one can control your decisions. You can paint it, design, add appliances, and home accessories. Name all you want, you can make changes to it.

3 Reasons Why You Don’t Need to Buy Early

You just got a job or a fresh graduate - you are not required to buy a house if you just got hired by a company. Even if you have a fancy first job all lined up, it doesn't mean that you have to buy it already. Take note, you need to save first and meet the monthly rates before you purchase to prepare for possible risks in the future.

On the other hand, you just graduated from a university─you’re still in the process of finding a job. You don't need to purchase because you are not financially stable yet. So better, save up until you meet your desired house price and then you can purchase right away.

Mortgage rates are low - mortgage rates are low even in decades. With a 30-year fixed mortgage for less than five percent, you could walk out of your local bank. And if you have good credit, 20% down, and otherwise you're ready to buy a home, maybe that's what you're supposed to do.

Later this year, mortgage rates will probably start climbing sharply. But only if you are trained. Again, only because mortgage rates are poor, don't be fooled into purchasing a home.

Peer pressure - just because someone you know purchased a house at a young age, it doesn't mean you are obligated to buy as well. Focus yourself first on saving as much of your monthly income as you can.

When you have an emergency fund and a solid down payment in your pocket, you will be ready to own a house without having to worry about whether you can really afford it.

The Bottom Line

Whether you buy a home today or sooner, consider contacting a professional real estate agent because they will help you throughout the process and will provide answers to all your questions about real estate planning.