Many of us live our lives on a kind of conveyor belt which tends to put us through various ‘life stages’ almost regardless of our will. You’re born, you go through school, you go to Uni or get an apprenticeship, you progress your career, you buy a house, you get married, you have a baby and you die. All through this process we are constantly and nervously ‘saving’ while paying into a savings account and we never really stop to just enjoy the moment.
So what’s responsible? Well a lot of it comes down to owning a house. We all have this mad desire to buy a house so that we are investing our money rather than wasting it on rent… but to what aim? To be able to better afford… another house? To help you assess whether you really need to own a property, here are the top 10 reasons not to buy a house…
10 It’s Expensive
First and foremost, buying a house is expensive. When you make the decision to buy you’ll find yourself permanently saving toward that purchase and this will mean that for several months you probably won’t buy anything you want or go on holiday and that you’ll be stressed…
It’s Expensive
9 There Are Many More Expenses
And that’s just the house prices! There are many other costs to consider when buying property from solicitors’ fees to stamp duty and surveys. Enough extra costs to make a whole new list of top 10 reasons not to buy a house…
There Are Many More Expenses
8 You Are Tied Down
Buying a home is a big deal and it’s not something you’ll want to do regularly. Thus, once you’ve bought your property you’ll find you don’t tend to move again anytime soon. You’ll be stuck living in one place for years and then life can get a little boring…
You Are Tied Down
7 It’s Not As Good an Investment As You Think
I mean it is in a way, but at the same time you need to be aware of the fact that you won’t be saving all that money. Sure you’ll gain interest on your property but the interest on your loan will also be high. Then there are all the costs of maintaining and running your home to consider too…
It’s Not As Good An Investment As You Think
6 Things Will Invariably Go Wrong
If you own your own home then you’ll find things constantly go wrong from the boiler breaking to the ceiling collapsing. When you rent that’s taken care of for you, when you own your home that’s your job. A big one of the top ten reasons not to buy a house is it’s complicated…
Things Will Invariably Go Wrong
5 It’s a Risk
Buying a property is an investment, but with any investment comes an element of risk. If you fail to pay back a home equity loan, or if your walls collapse you could end up with nothing. And negative equity is a thing that happens too…
It’s A Risk
4 People Will See You Differently
When you have a flat, you’re young. When you have a house, you’re old. This will be how you feel in your own mind, but it will also be how others perceive you. Expect fewer nights out and less fun once you buy…
People Will See You Differently
3 It’s a Commitment
Buying a house is a commitment and some of the other top ten reasons not to buy a house will already have made that clear. However it’s also a commitment to other people and to other things. You buy a house with someone and you make a commitment to them. What happens if you break up or you fall out?
It’s A Commitment
2 You’ll Be in Debt
One of the top 10 reasons not to buy a house is to avoid being in debt. While it’s something most people deal with, a mortgage is still a loan so you are still in debt. And if your parents help then you’ll be in debt to them too. Your money is not your own…
You’ll Be In Debt
1 It Leave Less Place to Go
On the conveyer belt of life, buying a house is a big step. What comes next is children and some people just aren’t ready for that. You might not think it’s going to happen, but after two years of living in the same place and feeling ‘stagnant’ what else are you going to do? If you want to stay young, then live like it!
It Leave Less Place To Go
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