Buying a house is a huge deal in your adult life. You are sure to face the dilemma of whether to buy now or later. There is no clear-cut answer to this question. Whether you are to buy now or later, the stakes are going to be really high either way. The decision to buy is the way to go only if you feel absolutely sure and ready. Let us examine some signs, which tell us we have some time to go before we get there.
A basic sign that you are not ready is when you experience a conundrum. Are you second-guessing yourself? Are you going back and forth? If this is the case, it means you are not fully involved with the decision to buy. Reflect on these thoughts before you make any hasty decisions.
Seeing if the EMI is well within 25% of your monthly takeaway salary is one useful sign to see if you are ready. It is better that you hold your thoughts of purchasing if the appropriate EMI for the loan repayment exceeds a quarter of your disposable income.
Buying a home is a long-term commitment. It requires job stability to support your payments and expenses related to purchasing property among other things. If you have plans to look for another job and don’t see yourself continuing on your current job, you will be better off purchasing at a later day. Switching roles and jobs indicate changing times and that you are not in a suitable position to purchase currently.
Any major expenditure in the near future is a sign that you are not in a position to buy a home. Purchasing a house is more than the total of down payment and EMI on the loan. It involves hidden costs that are not visible upfront.
It is another sign that you are not yet ready to purchase in case you are unable to find any properties within your budget. Take your time to save up and consider the purchase after you are more comfortable.
Buying a home whether to move in, rent out or for any other future purposes are all for some utility that you seek. However, if you don’t really have a need to purchase a home, then think again.
All of us have preferences when it comes to the location, facilities, and convenience that we expect in a home. However, if you are very specific you are limiting your options. This is a sign that you are not yet ready to make the move.
Take a look at your savings account. A sizable savings account balance is absolutely important for you to move ahead with the purchase.
Is it sufficient to cover any risk or unseen obstacles that you will encounter when you purchase real estate? If the answer is no, then it is a sure sign that now is not the time for the purchase.
Maintenance and upkeep issues:
Purchasing and owning a property come with many tasks to preserve the value of the household. It requires a lot of maintenance and constant efforts even if you are not going to move in or rent out immediately. You are not fully ready to buy a house if you don’t take up the commitment of the upkeep of the house.
Are you looking at any other expenses that are huge in value? If so, please refrain from purchasing. It is a sign that you will not be in a comfortable position financially due to the pending expenditure in question.
These are some signs that you are not ready to buy a place. Look for these cues and reasons before you take that huge step in real estate. To buy a house is a valuable investment provided it is done at the right time!