David E. 4m 534 #homeowner
The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
There are several things that people think of as a sign of financial independence. One of these is that a person should own a house. Many people aim for that goal since they want to be fully independent. But house ownership is not always an admirable goal. Here are some factors that can make a house purchase a bad idea.
No Job Security
The biggest reason you should not buy a house is that you don’t have any job security. Many people who suddenly lose their jobs and don’t have major savings will be unable to keep up payments on a house. Many people who buy a home often use loans. This means that if they lose their source of income, they will not be able to keep up with the payments and lose their home, too. Even if they manage to earn money, then they will focus on groceries and other expenses. Unless you have a job you are sure that you won’t lose any time soon, then don’t consider buying a house.
Even if you do have a solid job and still keep your house, that can still be a problem. This is because a house is a massive drain on your resources. Primarily, a house, unless you rent it out, is not earning you money but will only end up costing you. There are several expenses you have to pay for. First, there are the property taxes that you have to pay. The more valuable your property, the bigger the tax. Second, there are maintenance costs. A damaged house is not going to be a great place to live and you need to pay for the repairs. Finally, other expenses like insurance and more can start piling up.
Though many people think of a house as a massive investment since it increases in value over time, you won’t be getting that money any time soon. For one, the increase in value is slow and progressive over time. You won’t be getting a big payout in a few months. You will have to wait for years before you can profit from it. Sometimes, you won’t even profit at all. You can only make the money from your home if you sell it. If you have lived in it for years, you may decide not to sell it at all. That means that your investment will not bear fruit.
When you own a house, it generates another source of stress for you. Unlike a condo or apartment, maintenance is all on you. This means that you have to fix things and ensure everything is in good shape. You will already pay for it but you also need to handle everything involved with the repairs like contacting the repairmen and more.
Know When It Is Not For You
There are times when owning a home is not the best choice. Before you spend money on a house rather than on a condo near C5 for sale, it is better to consider the factors above. This decision is pretty important and will affect your life greatly so you should seriously weigh things on whether you should buy a home.