“Owning your own home is one of the best feelings ever. It cannot be described in words, it cannot be quantified in money. Home ownership is a feeling that makes life’s daily grind worth facing. It reassures you that after all the ups and downs, you have a place to go to…a place that will never judge you and will always invite you with open arms”-Author Unknown
For a while, you have noticed yourself perusing real estate listings such as fliers for 1br condos for rent in bgc or elsewhere. At times, you have noticed yourself looking for the latest real estate deals and observing the noticeable changes in real estate market trends. In fact, for some time now, you have contemplated of owning your very own piece of real estate—a property to your name if you may. However, you are quite unsure whether you are ready for the enormity of this responsibility or not.
After all, owning your very first piece of real estate might seem like a glamorous dream realized but it is still first and foremost a financial responsibility and if you do not happen to be financially mature and independent yet, maybe this is not the best time for home ownership just yet. However, if buying real estate property is something you really want to do, then check out these common signs below to see if you are ready and capable of having your very own property:
You are ready to stay in one place for a few years
If an impermanent lifestyle no longer appeals to you then you might just be ready to settle down and buy your own piece of real estate property. More importantly, if the allure of having a place to go home to outweighs your wanderlust and urge for discovering new places, then it might be the right time for home ownership. Sure, leading a nomadic lifestyle might sound fun and whimsical. But once you age, you would realize that you need to have a sense of permanence in one place. Trying out different neighborhoods might be fun at the time until such time you can your calling but eventually, you would realize that this is not a sustainable way to live—especially if you intend to have a family.
You wish to have better leverage over your own place
Renting means you are subjected to the rules and regulations of your landlord. You would be constrained to follow only pre-approved modifications by the owner insomuch that your unit can feel largely generic. If you wish to make significant changes that do not limit your creative potential, then home ownership might be a good idea to try it out. However, remember that when you are striking out on your own, you would already be responsible for everything—from paying the utility bills down to making the necessary repairs.)
First and foremost, you need to be secure in your job and what you earn before you can let the allure of having your very own piece of property entice you into pushing through with a real estate deal. Remember, mortgage loan approvals would require a steady regular income. In this regard, you should realistically ask yourself if you have a secure enough employment that would allow you to commit to buying a home? Remember, once you purchase a home, you still have other expenses to think about such as the utility bills and other necessities you might need. More importantly, you need to have a secure employment. Having no work and stable income would already be bad enough but being out of work with a mortgage above your head would be so much worse.
You need more room
This one is pretty much understandable (and inevitable) for individuals with growing families. However, single individuals with kids would eventually need to think about moving into bigger spaces—especially when their kids reach an age wherein they would need their own rooms. Sure, you might think that a two-bedroom apartment would be sufficient enough for you but eventually, this space would hardly even feel spacious. There is a myriad of factors that would motivate one to opt for a bigger home or their own piece of real estate property—from the number of kids to an expanding business. Regardless of what your reasons might be, if you are in need of more space, you might want to invest in your own property instead of looking for a rental flat that is bigger and would accommodate all of you. In this way, you are technically investing in a property that is really yours instead of defraying someone else’s mortgage through their monthly rental fees.