Buying a house should be a decision made consciously after weighing many factors, especially your financial situation.
Owning a house has become a symbol of financial stability. The pressure that society puts on those who start receiving monthly paychecks are immense, and it is very easy to go along with the notion that a house is just another item to check off the list.
On the contrary, buying a house should not come as a compulsion from the society or just because you have a paycheck. It should be a decision made consciously after weighing many factors, especially your financial situation.
Below are several instances when it is NOT okay to buy a house.
- When you get married!
It is a common idea that if you want to get married, you will need to own a house or as soon as you get married, you need to put down the deposit for your house. If you are just married or thinking of getting married soon, getting yourself tied up with buying a house may be overwhelming.
This is because a wedding in itself is a big expenditure. Hence, it is okay to rent while the both of you adjust to the new phase, re-evaluate your joint financial situation and decide consciously without any pressure from society.
- You are eligible for housing loans
Being eligible for housing loans is a matter of having an excellent credit score, among others and it is certainly not a compulsion to buy a house. There are other financial issues such as down payment to think of when it comes to buying a house.
Hence, even if you are eligible for a housing loan, there is no rush to buy a house. Evaluate your financial situations and make a financially sound plan before committing to buy a house. Consider your purpose of making the purchase.
- You already have debts under your name
If you have debts such as education loan and car loan under your name, it is wise not to add more obligations. Buying a house comes with considerable financial responsibilities. It is always wise to keep your debt-to-income ratio low to ensure positive financial growth.