Real Estate requires patience..
So I was seeing some posts where different people were talking about what they prefer concerning buying a house or renting a house..
From some posts which I read, it is obvious that most of us would prefer buying a house and not renting a house, well what you buy definitely become yours, but what you rent is just a rent and it is not yours , you are not the landlord , you are just a tenant and the real owner of the house can come for it anytime...
But as sweet as it sounds owning a house , it requires good planning and patience , it is better to rent with what you can afford than to run into unnecessary or extreme debts simply because you want to buy your own house..
You can buy your own house someday but before you do that you need to be prepared financially for the task , you need to have effective financial plans on how you will be able to buy the house without it making you go bankrupt ..
For example if your monthly income is less than $3000 , you should not be thinking of buying a house of $500,000 so soon , why not look for a house at a cheaper price or better still wait for your income to be increased enough to be able to cater for the funds which you will need to buy such house..
If your monthly income is $3,000 , it means you will need to save all that income every month consistently for at least 15 years before you can be able to save $500,000 , 15 whole years...That is assuming you did not spend a dime from your income , and that sounds impossible , you will need to take care of your needs or some certain bills , so you would still spend out of the money you earn , but let's just assume you do not spend a dime from it , you will still need to save it for 15 years to be able to buy the house..
My point is that not everyone are financially capable to own a house , some will need to be more patient till when they finally have the financial strength to buy their own house , one should not go extremely above their financial strength simply because they want to own a house ,..
Because you do not own a house at the moment , that do not mean you cannot own it in the future, so relax your mind and make wonderful plans towards it, while you are making the plans , you can still rent a house while you create a savings goals for yourself towards buying a house in the future..
Even if you want to get a mortgage , you need to have the financial plans to be able to cover up any debts that might rise up in the future, mortgage without good plans would only create more problems for you in the future..
Goodluck..
