Jul 26 2016
Many of us follow traditional career paths. We go through the educational system, eventually concluding by jumping into the world of work. It’s during this period of transition that we start considering where we’re going to live. It’s time to leave the nest, but is renting or buying a home the best option? It all depends on the situation, of course. If you’re feeling confused, follow our tips to help make your decision!
You’re In Debt
This is an obvious one! If you’re in debt, you haven’t got the money to be spending on buying a home. Purchasing a house is a massive consideration and one that can easily leave you with more debt in the future. First, you need to banish those current repayments as quickly as possible. Consider researching the Obama loan forgiveness scheme, and find ways to repair your credit if it has been damaged. For now, this is the most important consideration.
You’re Unsure About The Future
When you leave the educational system, you might feel a little uneasy. Some people seamlessly transition into the next phase of their career, of course. However, others stagnate and grow disillusioned. It might be that you seek a totally different career path entirely. Alternatively, you might need to look further afield to gain employment in your chosen area. If the future isn’t clear, you don’t want to jump into a decision like this. Buying a house is expensive, and selling it can be extremely difficult. Until you know where your future lies, you need to wait.
The Negatives Outweigh The Positives
Sometimes, there just isn’t a good reason to buy your first home. For those who live on their own, buying a big home with multiple bedrooms isn’t worth it. Alternatively, it might just be that the house prices in your area are unreasonable. You don’t know what’s going to happen in the future, so for now, wait it out. There’s no shame in renting a home until a better opportunity comes along. Write down a list of pros and cons. If the cons are the most prominent, save your home-buying ventures for another time.
You’ve Never Lived On Your Own Before
If you’ve spent your whole life living with your parents, it’s going to be difficult making the transition to living alone. Quite simply, you need some experience before making the decision to buy. This is a massive financial consideration, but how can you make an informed decision when you’ve only ever lived in one place? Before long, that big home you bought might seem too large and overwhelming for your needs. For now, take the time to rent and get used to living away from your parents. As you develop more experience, you’ll get a better idea of what you want out of your first home purchase.
It’s important to remember that buying your first home isn’t a race! It’s a decision that should be thought about carefully, and there’s no need to rush into it. Make sure you’re happy before buying that all-important first home.