27 Sep 2022 | Edukatips

When Is the Right Time to Buy a House?

Advantages of Home Ownership According to Needs

For young single professionals, buying a house or an apartment close to their workplace is likely not a pressing matter. Not so with those who are married, having a comfortable place to rest and spend time with family is a top priority. There are three advantages of owning a house:

  • A house is a form of investment.
  • A house indicates a stable financial achievement and readiness to take a great leap in life.
  • A place to express oneself through design, goods, and activities.

When it comes to buying a house, it is not about how big your house or apartment is. Rather, it should accommodate the needs as well as conditions you may have.

Accordingly, buying a house becomes a major decision that requires careful consideration. Besides funding, it also requires sound planning so that you will still be able to allocate money to meet other needs.

When Is the Right Time to Buy a House?

When in planning, it is important to create a target and estimate the time you need to realize the goals of home ownership. Consider the variables that support the plan to buy a house as follows:

1. Established Financial Readiness

Be sure to have sufficient funds. If you obtain a house mortgage, try not to pay more than 30% of your salary. This must be prepared carefully to make sure that you won’t run short of money to meet other needs, such as food, transportation, health, savings, alms, etc.

2. Take Advantage of Salary Raise or Promotion

When you can meet expenses and pay your bills, getting a salary raise or a promotion add fresh impetus given the extra monthly income. Consequently, you can allocate the extra money for savings or obtain a mortgage. This will be effective in securing your lifestyle and increasing life assets for future savings.

3. Attractive Offers or Opportunities

House prices tend to rise over time. If you find the house that suits you according to your needs and have the money to buy, what are you waiting for? Opportunity does not come twice!

Furthermore, take into account any available promo and the benefits you can get from the developer. It certainly needs to be coupled with the right financial plan to avoid overhead.

When you decide to obtain a mortgage, it means you are ready to make a long-term financial commitment. Prepare the fund for timely monthly instalment payments and separate it from the rest of your expenses.

It sums up all the conditions you need to take into account when deciding to buy a house or obtain a mortgage. Be sure to perform the right calculations before deciding to avoid big losses in the future!

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