As far as lifetime milestones go, it is no question that home buying is on everyone’s list. Many people use it as the absolute landmark for success. Others even wait to marry until they can afford to do it! While home buying is very popularly considered the “best investment one can make,” sometimes it doesn’t need to happen as early as you’d think. For many, your need for a house far precedes your ability to purchase one. Not only that, but even when you can buy one, it doesn’t always mean you should. To break down some of the reasons for this, we will dive into another video by Real estate expert Graham Stephan.
In Summary
So, it’s safe to say that not everybody who buys a home is happy that they did. While buying a home is typically a great idea, timing is key. For many, a house rental should come before buying one. Like Graham mentions, many people don’t exactly know all of what goers into a home. They don’t know all of the bills and work that goes into maintaining a home that you actually own. This can throw people into pretty dire financial straits, and make your first home more of a nightmare than a dream.
Another thing that the video doesn’t touch on as much is how rental can work as a home-buyers trial period. Before you go out into the market and commit to a home, you may want some experience living in a full-size house beforehand. This will help you get out of the apartment/condo mindset, and get you thinking about what you love and hate in a house. Having this experience will be vital to ensure that you make the right choice on the first home you buy. So, take a few houses for a test drive, and see what you like! Most importantly, make the choice that is right for you.
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