While buying a house isn’t the only solution to meet every individual’s basic needs, for some, it can be an urgent necessity. Some may see owning a home as a significant achievement at certain stages of their lives. However, during the process of saving or obtaining a home loan, other financial issues may arise, which could worsen someone’s financial situation.
According to Ramit Sethi, the author of “I Will Teach You To Be Rich,” buying a house isn’t always a crucial step towards wealth. Renting a home could also be a financially beneficial long-term strategy.
So, who should consider buying a house in the future?
Individuals from families that have never owned a home
If your parents have never owned a home, and you grew up in a rented environment, buying a house may be a significant priority for you.
The presence of a home can provide significant benefits for future generations. With the potential for property price inflation, ensuring the existence of a home can help meet the basic needs of your children and grandchildren in the future.
If you fall into this category, it’s wise to make a long-term financial plan for buying a house. It’s important to maintain your personal financial health and ensure that the costs of homeownership do not exceed your financial capabilities, thus preventing you from falling into larger financial problems.
Saving for a house, Homeownership for future generations, Long-term financial plan