Kyla Nievera, World Executives Digest | There comes a point in every tenant’s life when they ask themselves a potentially life changing question: should I continue to rent or should I buy this property? People naturally gravitate away from posing this question and facing it head on, and for a good reason. However, if you wish to achieve your goals in life and move onto bigger and better things, then the problem of your living situation will have to be resolved at some point.
In order to make the entire decision-making process easier and more productive, here are the most important questions you should ask yourself when deciding whether to buy or keep renting your place.
Where is life going to take you?
Do you plan on living abroad, traveling the world, or going where your work takes you? If you don’t have a solid plan in place in terms of your long-term future, then buying a home probably isn’t your best option. However, if you have a steady job and you want to raise a family there and establish a prosperous and rewarding future, then you should consider investing in a property of your own.
Remember, buying a house is an investment into the future, not a short-term expense like renting a place to live. Moreover, while owning a property entails subsequent expenses, it also gives you the freedom you need to optimize, rearrange, and update your house however you see fit, and it is the essence of complete freedom that attracts people to buy their very own home.
Do you plan to start a family?
Starting a family is a costly venture, and while you will be able to enjoy the benefits of a double income, you would be wise to be cautious and prudent in planning your future living situation. First of all, you want to postpone buying a house until you are married, as it can be significantly easier to buy one with a spouse, as it greatly increases your financial capabilities and opens the door for a better opportunity.
Secondly, children play a big factor in determining the house you are going to buy, its location, quality and size. Having children, however beautiful it might be, requires you to invest a small fortune into their upbringing and these future expenses might stifle your plans to buy a more expensive and spacious house.
How is your job security and are there chances of a raise?
One of the most troubling questions people will face when weighing the pros and cons of owning a home, is whether their job security can withstand this long-term investment. In case your job situation is uncertain, you might want to hold off on your purchase until you have established the desired level of financial security.
However, the majority of Windermere homes for sale come in peak condition and at an affordable price, making it easier to calculate your investments and establish a steady rate of ROI for years to come. While it is a life changing decision, you can make it easier by picking the perfect neighborhood to fit your needs and resources.
Are you willing to assume the responsibilities?
Owning a home comes with its fair share of added responsibilities you might have not been aware of before. For instance, home ownership puts the burdens of maintenance, upkeep, repairs, and optimization on your shoulders, racking up yearly expenses and requiring you to dedicate time and effort into keeping the place running smoothly.
You can hire professionals to take care of all of these problems, and leave the easier projects, such as DIY, gardening, snow removal and other activities for yourself to take care of. Remember to take good care of your appliances and other home amenities in order to avoid costly repairs and minimize water and energy consumption to bring these expenses to a minimum.
Owning your own home is a wonderful way to open up a new chapter in your life, assume full control of your future, and gradually establish long-term happiness and heritage. However, you shouldn’t rush into buying a home, rather you should take the time to explore the various possibilities and find a solution that not only speaks to your mind and soul, but also perfectly complements and accommodates your needs and aspirations.
When you do find yourself at the crossroads, ask yourself these essential questions in order to easily calculate your decision and pave the road to a bright future.