Purchasing a home isn’t an easy task. It is one of the life goals that you will plan, save up, and take time until you find that dream house that you want. But honestly, there are so many things that pop up as we grow older. These things will eventually take up the savings we have and at the end of the long run, we end up drying our reserves. Did you know that the longer you wait, the difficulty of getting your dream home gets higher?
Here are reasons why you should consider buying your home now:
- We should all be aware that the prices of the basic commodities are gradually increasing. From the prices of food, clothing, and shelter. This means the prices of the properties listed in the market are also gradually increasing. Normally, the prices of the properties listed go down the longer they are in the market. Sadly, this trend is long gone due to the fact that there are too many homebuyers in the market right now. If the number of home buyers increases, each property will also increase in their set prices. This is a perfect example of the application of the law of supply and demand. As demand increases, the supply decreases. Hence, the prices of the supplies will go up. The supply, in this case, is the property listed in the market. As the trend has now shifted, the prices in the market are gradually going up. So, if you plan to purchase a home, it would be of utmost regard that you plan it in the near future. It would be better to have a home as a start so that you can start investing in it rather than changing places from time to time. Yes, we do know that purchasing a home will tear up a big hole in your finances. Nevertheless, you will end up tearing up that hole, right? Think about it, manage and check if you can afford to purchase your dream home in a year or two. Remember that time is never on anyone’s side, so if you want to grab that dream house, make sure to play your moves right.
- For the sake of everyone reading this blog, I would like to help us all recall what mortgage is. A mortgage is a loan from a bank that will help you finance the purchase of a property. Normally, the home will be used as the “collateral”. This means that you are legally obliged to repay the money you have borrowed, which includes the agreed interest rate. Failure to pay within the set intervals of payment would give the bank the right to take away your home. This, of course, is done through legal action. Most of the properties listed in the market are still under the home seller’s mortgage. So, any potential home buyer will be taking on the obligation of the home seller’s mortgage if the property they will purchase is still being paid by the home seller. In real life, each and every one of us who are not living anymore with our parents are paying a mortgage. Of course, when we are living with our parents, we do not pay the mortgage because our parents have already paid for it during their time. Which means that paying the mortgage is unavoidable. This, of course, will be false if the home listed in the market is already clear of its mortgage. Although, this would be less than a quarter of properties listed in the market.
3. Interest Rate
- Another factor regarding the mortgage will be the interest rate. This will be a big lump sum of money for anyone. Why? As each year goes by, the interest rate in the mortgages have also increased. So, before you think of letting yourself drown in other expenses in life, try to save up and make a project for your dream house. The longer you wait to save up for your dream house, the higher the prices and interest rates get.
4. One Step Forward
- As mentioned above, the prices of the properties listed in the market and the accompanying mortgage interest rates both are increasing as time goes by. Would you still wait for it to get too high? We all know that purchasing a home will be a very big step forward in our life. We should also see that purchasing a home earlier could lead to substantial savings that could help us in the future. If you think you can still wait, then at least save up some money for your dream house. If you think the time is right for purchasing your dream house now, then maybe it really is the time to buy. Think carefully. Plan properly. Every day counts.