Today, we're going to discuss the idea of buying a home; is it always a good idea? Owning a house is often seen as a big thing that everyone should aspire to do. This is true, and being a homeowner comes with lots of benefits. However, there are some scenarios where renting a home might be better.
When You Aren’t Settled
If you aren't settled in one location, it's not a smart idea to buy a home. Before you know it, you have to pack up and go somewhere else, leaving you with a home to sell. People that work a job which demands them to constantly move from place to place will struggle to find somewhere to settle down. As such, renting a home is probably your best option. It doesn't tie you to one property, you can move pretty much whenever you need to, and find somewhere else to rent in a different location.
When You Can’t Handle The Responsibilities
Buying a home comes with plenty of ongoing responsibilities such as general maintenance, and so on. There are people out there that can handle this, and there are people that can't. Those of you that live very busy lives may be unable to commit to all these responsibilities, making home ownership a bad option for you. As such, you're best suited to owning something like a condo instead. There are many condos for sale that include maintenance for your property. You don't have to feel responsible for maintaining it, someone else will do it. Condos are also a good idea for elderly people that can't physically handle the responsibility of owning a house anymore.
When You Don’t Have A Stable Job
There's a difference between being settled and having a stable job. You can settle down in one location, but you still need to have a permanent job that guarantees you of a certain income every month. Without this, renting a home may be the better idea. It will be hard to keep up with mortgage repayments, not to mention your bills too. Before you think about owning a home, make sure you have a stable job and are confident you will stay in it for a long time.
When Prices Are Too High
You have to watch the property market when you're buying a home. Purchase property at the wrong time, and you could overpay for it quite considerably. Avoid buying a house if the market is at its peak, and everything is selling for ridiculous money. The best idea is to wait until the market settles and you can get a house for what it's truly worth, saving lots of money.
If you find yourself in any of the situations we've discussed, then renting a home might be a better idea for you right now. The keywords there are ‘right now.' Just because it's not a good idea now, that doesn't mean it won't be in the future. It's all about waiting until the right time, so you're ready to become a homeowner and handle everything that comes with it.
About the Publisher
Bo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist.
Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages.
He can be reached easily By E-Mail or call/text him Call/Text Here
Never miss an episode of our real estate podcast. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube
