You Don’t Need to Buy a House

“Our plans miscarry because they have no aim. When a man does not know what harbour he is making for, no wind is the right wind.”  - Seneca

I always hear the words “pride of ownership”. I know its meaning and I know how it feels. For me, it is a distinct feeling of achievement combined with sense of security and freedom. It would be a great self-satisfaction for those people who have the capacity to pay the monthly amortization or have that strong purchasing power. On the other side of the story, they might end up burdened instead of being proud of what they have if they will push through with the project w/o the capacity of owning it. Yes. “Pride of ownership” can also be a “big burden” for some instances.

I can say to you, if my only goal as a licensed real estate broker is to sell, I would say of course that it’s always good to buy a house. A house is a basic need. It will give you the pride of ownership. It is an achievemt that will be appreciated in time and so on and so forth.

However, there are certain situations where it is not yet compelling or advisable to buy a house just like the following:

1. If Your Marriage is on the Rocks

It will be nice to own a condominium in Makati City. However, it is not wise to buy if you are not sure if you and your partner are going to stay together at least until you’re paid off with the property. Also, it is not worthwhile to invest your savings and effort if neither of you can’t afford to pay the obligation alone. It might cause a constraint because if you part ways, you might face a foreclosure problem later on if amortization for your condominium in Makati is not paid and hanging.

2. If You Don’t Have a Stable Job

It might be a good idea to buy a home like a condominium in Makati City   if you’re paying in cash or someone is paying for you, or  if in case you’ll lose your current job, you can get a better or at least equally good job  to  sustain payments for your condominium in Makati. Of course if you will be out of job, you will prioritize  groceries, and  transportation  allowance over amortization for that condominium in Makati, the result could be a huge debt for you. 

3. If You Are New in the Area

If for example you are from Bacolod and you just moved in Makati, it would be better to just rent a unit first and then buy a property/house, if that will be your objective eventually. It takes time to build an equity enough to retain money when you sell as you have to pay 6% capital and 3% or more for real estate broker’s commission.

4. If You Relocate Almost Every Year

If your job requires that you relocate almost every year or if it’s in your personality to switch to different environment every now and then , it is not wise to buy a house as you cannot easily sell a house at a drop of a hat. You can buy a house though but it might be a big loss for you.

The choice of buying your new house is really in your hands now.

We really need right timing and extensive decision-making before owning a house.

Photo Credit: Marriage Problem

Photo Credit:  Expatica

Photo Credit: Vandaclean

Photo Credit: Home Search