Why you may not want to buy your own house right away
The freedom that comes with owning a home is admired by many. It is equivalent to being your boss. There are many things that you do not have to seek permission. You can carry out remodeling whenever you want., You can change the colors of the paint at any time. You do not have to notify the rental office of the guests you are waiting for to spend a night at your place. Although you do not get a home for free; the freedom is worth it. At the same time you do not have to tie all your money to a mortgage to own a home. You also do not want a home that you will pay for mortgage all your life.
You can think of opting for long term contracts and the spacious duplexes for rent first. You can take the option as you make for a home with better terms. You may have to prepare for a while, but you get something that will suit your style. You may need to wait for a number of reasons.
The main reason is the trend that real estate value is taking. The current trend is what many will call housing bubbles. That is a situation where the property value seems to be higher today than a year to come. That means you can buy your property today and sell it at half the price next year. Buying a home during the bubble is not okay for a number of reasons. You may be purchasing a home at much greater value and with few amenities. You may end up buying a home with small bathrooms, fewer bedrooms, fewer features at a higher price than its value. The house you buy during house bubble will be difficult to sell. You mortgage will remain under for a long time before you get the house valued at the price you bought it.
The reason, why you may want to wait, is the fact that you will save more money. Some mortgage programs require minimal down payments. Several changes keep occurring in life You could be unmarried today only to marry a few days to come. You could be living with your wife today only to realize soon you are more than two. It is important to think of all the changes that are likely to affect your life before you make that major decision. You need to take time to prepare well as you think of all those possible changes before you make up your mind on the house to buy. Therefore consider the mortgage, the trend and the life changes and then decide the home you want to own.