In this modern era, buying home after college is already possible. Property prices may increase, but more affordable ones are also on the rise. But the question still remains: can a recent grad afford buying a house of their own?
Let’s start with the cons:
#1 When you rent a house, you will most probably just have to sign a lease for a year. Once the contract has expired you can freely move wherever you want to. On the other hand, when you buy a house, you should stay longer. And by longer, that means at least 5 years.
#2 When you buy a new house, you will most probably have to improve and maintain your home on your own. Unlike renting, there is no landlord to ask help from for cases such as plumbing or electrical problems. There’s nothing wrong with taking care of your own house though, it’s just that buying your own house requires 10x more work.
#3 Buying a new house involves extra payments which includes insurance, property taxes, and other repair costs.
Let’s continue with the pros:
#1 If you’re the artsy type of person, you will absolutely love to design and decorate your home. You will feel limited when you live in a rented home because you can’t do major improvements.
#2 As time passes by, the value of your home will increase. Any improvements you make on your home will be for your own benefit, and not the landlord’s.
#3 Aside from loving the feel your own home, buying one means that you’re making a big investment. It’s not just any investment – it’s a major and great investment.
You need to be extra responsible when you have plans of buying a home after college. Need help in purchasing a home? Contact Kaiser Estates at +639228001234 or visit our website for more updates on real estate.