The Long Road Home: Buying A House In The Modern Market
It seems that the concept of picking your dream home now is far from the reality of the situation. Of course, you'll have to live (and purchase) within your means, but when it comes to the ideal home, it stands to reason that you shouldn't skimp on the important things. But, the modern housing market, combined with inflation, pay rises being frozen, and just a general feeling of uneasiness with the state of affairs in the western world, instinct should prevail, and we should batten down the hatches and purchase a home quickly so that we are secure. And when it comes to purchasing a home, there are so many things to consider, of course, but should you pick a home that suits you right now, or should you pick one of the stands the test of time? And what are the factors that can swing the benefits of a home your way?
Your Financial Situation
It always depends on how much money you have available to you. Depending on your age, your career, and so forth, there are always going to be obstacles in the way. Your living situation, such as if you have a family to provide for, is going to limit your spending. Because the statistics of showing that people are leaning towards renting because they don't have the opportunity to purchase a home, or they simply don't want to, means that if you are looking to buy a home, you have a lot more choice.
Your Age
There are so many people considering downsizing for retirement, meaning that if you are in a younger age range, your choice is, again, varied. Because your age has such an impact on the mortgage you can acquire, but younger you are, the better. So if you are in your twenties, while logic would dictate that you don't need to purchase a home, now is the best time for you to do so.
Your Career
Put simply, for those that are self-employed, it means a lot more hoops to jump through to acquire a mortgage. So, for those people who are self-employed, they are better off saving up a bigger deposit. So this is a catch-22, if you have more money in being self-employed, you can say that more money. But it depends on your lifestyle choices, and if you want to give up your self-employed freelance career for a job that pays more money in the short term, but isn't satisfying enough for you in a professional sense? This is something many millennials struggle with right now because they are being told by the generations about what they need to purchase a home, but they need to weigh this up with a feeling of purpose in life. Happiness vs purchasing a home is usually a no-brainer.
And so when you look at picking a home, these factors will always show themselves up. It's a very difficult situation to be in, especially when you are looking for a way to live within your means right now. If you need to purchase a home, it's always beneficial for you to pick a house for your current living situation, because you are then up on the property ladder. Yes, there are still some hoops to jump through even on your 2nd, 3rd, or 4th property, but in getting one home behind you, it's that investment that can set you up for the future.
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