Why buying your own home may not be for now
The freedom that comes with owning a home is admired by many. It is similar to being your boss. You can do a lot of stuff without seeking authorization to do so. You can renovate the house without asking for permission. You can change the colors of the paint at any time. You do not have to notify the rental office of the guests you are waiting for to spend a night at your place. Although you have to spend a lot to own a home; you will like the freedom after that. At the same time you do not have to tie all your money to a mortgage to own a home. You also do not want a home that you will pay for mortgage all your life.
You can think of what long term lease and spacious duplexes for rent have to offer you. You can take the option as you make for a home with better terms. You may have to prepare for a while, but you get something that will suit your style. You may need to wait for a number of reasons.
One of the main reasons is the current trend of the real estate value. The current trend is what many will call housing bubbles. That is a situation where the value of the building appears to be going downwards instead of rising. That will mean you may buy your house today for an amount almost double what it will fetch in a span of a year. Buyers may not have to buy properties during bubble for a number of reasons. You may be purchasing a home at much greater value and with few amenities. You may pay for a house with very few bedrooms, less feature, and facilities more than the actual value. You will not easily be able to sell a house that you bought during the housing bubble. Your the mortgage will continue for many years before the house you bought is estimated at the amount you purchased.
You want to wait for a longer time because you may end up saving some money. Some mortgage programs require minimal down payments. There are so many things that keep changing in life You could be single today, and you meet the right girl tomorrow. You could be married today and tomorrow you realize you are more than just you and your wife. Those apparent changes in life should be factored in before making a major decision of owning a home. That requires you to plan well and consider all those factors before you buy whatever home you want to buy. You make considerations of the real estate trend, the mortgage value and the possible changes in life before you settle on your property.