Why you may have to wait before buying your own house
The freedom that comes with owning a home is admired by many. It is equivalent to being your boss. You can do a lot of stuff without seeking authorization to do so. You decide when to remodel the house. You can change the colors of the paint at any time. You do not have to say to the leasing office when you are waiting for guests for an overnight meeting. Although you do not get a home for free; the freedom is worth it. Again you do not have to spend all your money on the mortgage just to have a home. You also do not want a home that you will pay for mortgage all your life.
You can think of opting for long term contracts and the spacious duplexes for rent first. 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. Several ideas may lead to you opting to hold on.
The main reason is the trend that real estate value is taking. The current trend is often referred to as housing bubbles. That is a situation where the value of the building appears to be going downwards instead of rising. That means what you are paying for your house today may be double the amount you can pay in one year. Buyers may not have to buy properties during bubble for a number of reasons. You may end up buying a home at a much higher value that it is worth. You may purchase a home with fewer bedrooms, small bathrooms, and very few features at a great price. The house you buy during house bubble will be difficult to sell. You will stay with your mortgage for so long under water before the house can fetch the amount you paid for it.
You want to wait for a longer time because you may end up saving some money. There are mortgage programs that require very little down payment. Several changes keep occurring in life You could be single today, and you meet the right girl tomorrow. You could be a couple of today only to realize children are soon part of your life. It is important to think of all the changes that are likely to affect your life before you make that major decision. You have to make all those considerations before you settle on the property you want to own. You make considerations of the real estate trend, the mortgage value and the possible changes in life before you settle on your property.