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The Money Matters You Need To Think About When Buying A Home
3 Reasons to Make a Big Down Payment on Your House
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Pixabay (CC0 Licence) While the life of a nomad has its advantages, there is definitely always something to be said for having the reassurance and comfort of four walls and a roof you can call home. All of the words that are commonly used to describe the experience of settling down have a purpose in this. Security, comfort, solidity… these are certainly all things that it’s worth having - and they are why we end up looking for somewhere that is ours. Having said this, it needs to also be considered that any decision you make on something as fundamental as a home should be taken very seriously. Taking the keys and storing away your possessions under a permanent roof is a commitment - and there is a reason that people talk about moving house as being a stressful experience. Once you’ve got your feet under the table, so to speak, it can be tough to get them back out again - so you need to be sure you’re happy with the arrangement. So there are some questions you must ask yourself before you make this commitment. To buy or to rent - it’s not such a clear-cut question The general impression that persists with regard to a permanent home is that it is better, if you can, to buy. There is certainly a persuasive argument along those lines. If you buy your home, you don’t have to worry about a landlord. You can make any decision you want with regard to its upkeep, and it is a solid asset that you can always count on when you need to. With that said, unless you have managed to buy the home with cash, thus avoiding a mortgage, you won’t truly own that home any time soon. You will need to guarantee a certain level of income permanently for the foreseeable future - potentially for 25 years or longer - so that you can make the repayments that allow you to live in the house. For that duration, the house will partly belong to the mortgage lender who fronted the money to buy it. Any decision you make on your future, you make with that knowledge in mind. Although renters have the knowledge that there will be a landlord to consider as long as they are renting a property, they can at least decide to vacate at shorter notice and won’t need to find a new occupier for the house when they want to move somewhere else. That being said, in some cases you’ll need to pass a credit check before you’ll even be considered for a rental. If you’ve been borrowing in order to fund a more peripatetic lifestyle, then you may need to ask “What is Debt to Success System?” and see if there is any debt you can discharge to make things easier. Do you need a house, or are there alternatives? When looking for somewhere new to live, there is always going to be the question of space to consider. If you’re a single person moving on their own, then you have a wider range of options; you can move into a bungalow, an apartment and even a studio and likely save a lot of money compared to renting a full house. If you only need one bedroom, or can even live without one, then your outgoing expenses and general maintenance will be greatly reduced. If you are moving with someone else - or even a few someone elses - then your choice will be reduced. You will also be looking at greater expense, and renting options will come with additional caveats; some landlords are reluctant to rent properties to people with children, or with pets; always read any tenancy agreement before you sign it. Is this where you want to live? Pixabay (CC0 Licence) Having a more permanent residence does offer more certainty and security, which are beneficial considerations. However, you need in turn to consider whether you want the certainty of spending the foreseeable future in this specific place. If you’re house hunting in the summer, don’t get carried away with how nice the area seems in the sunshine; how will it hold up in mid-January? In addition, think through an entire year or even longer. If you needed to find a school here, or have access to specific healthcare, would this home work for you? Sometimes we get tired of moving around, and just want to put down some roots. But be honest with yourself, and ask (and answer) the questions that need to be posed before you make a decision as long-lasting as this one.
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