A lot of people have a great desire to buy a house to use their money for other investment options instead of spending it on house rent. But why are they investing the money that should be used to rent? To be able to buy another house, right? Well, here are top 10 reasons not to buy a house which would help you assess if you have to buy a house.
1. You Will Have a Fewer Places To Go
After buying a house, the next thing that comes to your mind is to have kids, and some people are not prepared to have children. If you think this isn’t going to happen, but what else are you going to do after living in the same house for 2-3 years feeling stagnant? If you don’t want this to happen to you, then don’t buy a house.
2. You Will Be in Debt
If you want to avoid being a debtor, don’t buy a house. A mortgage is a loan; hence you’re in debt. You will be in debt to those who help you. So, you’re not the owner of your money. Isn’t that bad?
3. It Is a Commitment
Another top reason not to buy a house is that doing do is a commitment. As a matter of fact, buying a house is also a commitment to other things and people. For example, you’re making a commitment with someone if you buy a property with them. Now, what happens if you fall out or break up?
4. People Will See You Differently
People will see you as young when you have a flat, but you will be seen as old when you own a home. Just expect less fun and fewer nights out when you buy a house.
5. It Is Risky
You need to know that buying a home is also a risk, which is common to all investments. If your walls fall or you’re unable to pay back a home equity loan, you could eventually end up with nothing from the investment. Don’t forget that negative equity does happen.
6. Things Will Always Go Wrong
If you have your own house, there is no doubt that things will always go wrong from the ceiling collapsing to the heater becoming faulty. Problems like these are taken care of on your behalf when you rent, but the other way round if the house is owned by you.
7. It Is Really Not a Better Investment
Buying a house is an investment option, but you need to know that you won’t be saving all your money. Of course, there would be interest on the investment but the interest you’re going to paying on such loan will be high. Besides that, the investment would incur running and maintenance costs.
8. You are Tied Down
It’s a big deal when you want to buy a home, but it’s not what is done regularly. After buying the house, you will have no reason to move again. However, this could make life a bit boring because you would be living in one place.
9. There are Much More Expenses to Pay For
That is only the house prices. You will still have to consider extra costs like surveys, solicitors’ fee, and stamp duty if you’re buying a house. So have that at the back of your mind.
10. It Is Expensive
The truth is that it is expensive to buy a house. So when you decide to buy a house, it means you will have to save a lot of money; hence, preventing you from buying other vital things or going on holiday. Above all, this could stress you out.