Why you may not want to buy your own house right away
Everyone desires to own a home to enjoy all the benefit that goes with it. It is the same as being your boss. You can do a lot of stuff without seeking authorization to do so. You decide when to remodel the house. You can change the color of the paint without seeking permission. You do not have to let the rental office know about your overnight guests. Although you do not get a home for free; the freedom is worth it. At the same time you do not have to tie all your money to a mortgage to own a home. Again you do not want to own a home that will make you pay for mortgage for the rest of your life.
You can consider the spacious duplexes and the long term leases and see whether they can help you. You can take the option as you make for a home with better terms. You may spend some few months as you get ready to get something that suits your style. Many reasons can lead to that option.
One of the primary reasons is the current real estate value trend. The current trend is often referred to as housing bubbles. That is a situation where the property value seems to be higher today than a year to come. That means what you are paying for your house today may be double the amount you can pay in one year. There are multiple reasons why buyers should not buy property during a real estate bubble. You may end up buying a home at a much higher value that it is worth. You may end up buying a home with small bathrooms, fewer bedrooms, fewer features at a higher price than its value. Selling a house that you bought during house bubble will be a big challenge. You mortgage will remain under for a long time before you get the house valued at the price you bought it.
You want to wait for a longer time because you may end up saving some money. There are mortgage programs that require very little down payment. There are so many things that keep changing in life You could be single today, and that status may change in a span of a week. You could be living with your wife today only to realize soon you are more than two. Those apparent changes in life should be factored in before making a major decision of owning a home. You have to make all those considerations before you settle on the property you want to own. Therefore consider the mortgage, the trend and the life changes and then decide the home you want to own.