We all dream of owning our own private house. It gives a sense of privacy and a sense of pride of owning one. Unfortunately, just because we have the cash does not necessarily mean that we should jump straight in to buying a house. These are few reasons not to buy a house in haste.
1. Social Pressure –Owning a house does not necessarily show your well-being financial condition. Society sometime put pressure on people to own homes, the moment they have money. Hence, it is always best to ignore the pressure and get a house only when you are ready.
2. Right time to buy –You must have heard this saying ‘’you’ll miss your chance, if you don’t buy now”. This causes a lot of confusion and forces people to buy a house. There are positive reasons to buying a new house, and may help you on those extra tax. However, premature decision in buying a house may come to haunt you later on.
3. Marriage – Another misconception in to buying one is marriage. Getting married to your dear one is always a great feeling. But that doesn’t mean you should immediately buy a house. Buying a house because you got married isn’t necessarily a correct reason.
4. Investment – Many people buy a house as a source of investment. There’s nothing wrong to this. But there are possibilities this ‘investment’ may end up costly due to interest paid, depreciation, maintenance, and upgrades.
Make sure the house goes through the correct construction inspections in Melbourne before you buy one.