WHY DO YOU WANT TO BUY A HOUSE?
Why do you want to buy a house?
Lots of times, it’s a goal for loads of people to become homeowners but have you ever considered the actual reasons why that decision is taken? Let’s explore this.
- Buy or build?
This is a great starting point and a totally different perspective of it. Either way, you own the house. The major differentiator is custom features and creating your very own dream structure. Purchasing a ready-made home may have the previous owners’ personal effects and the work and funding required to make it yours might not be worth your while. Another thing to factor in is the location of the house you buy. Some estates have prerequisites and home modification options are limited.
Building on the other hand, will require more time, funding and supervision. First things first (if not already acquired) will be a land acquisition. This will mean engaging the government agencies that are relevant and then securing the required information about the area the land is located at. Securing the land and preparing it for building are costs that also need to be put into consideration. The same with engaging an architect with the other professionals and technicians to complete the building. The result is a bespoke made-to-spec dream home.
Either way, you have shelter in your name to live in without thinking about rent.
- Landlords
On the topic of rent. Some tenants believe that the rent they pay in particular locations may be sufficient to build a house and live in lower-cost housing. This is one of the major motivations for considering homeownership. Asides from the actual cost, some landlords may take little or no responsibility and may go further to not act on their commitments. Therefore, tenants tend to spend much more than anticipated on maintenance and additional expenses hence the decision to own your own home.
- The right time
There are several factors that go into the decision to get home. One of the major ones is finance. Not necessarily being able to afford it but having access to funding. This may mean considering getting a mortgage or a loan from your banker or employer. The conditions and terms of payment must be considered as well as expected interest on these payment options vis-a-vis current and expected income streams. The right time may also speak to if large sums of money are being committed to personal development at the time- maybe a second degree, raising children, or dealing with an expensive medical condition. If there is already pressure on finances, the timing may be wrong to consider buying a house.
All in all, it’s best to factor in the level of comfort, current lifestyle, and your goals when considering the decision to become a homeowner.
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