Making the decision to buy a home is a tough one
What is the best time to buy a home? This is quite a loaded question, with the answer dependent on a lot of different factors including your personal perspective and circumstances. The one underlying factor, of course, is money. When you have sufficient money, you should consider investing in your own home. Real estate is the safest investment in the world and the only assured way to get wealthy.
Here are a few major periods when it would be ideal to buy a house.
Marriage
This is the period when you are done with the toils and annoyances of high school and university/college, secured a well-paying job and finally, feel the time is right to settle down with the love of your life. What better way to start a new life than in a new home? Marriage is a milestone that marks a new beginning, and a new home fits very snugly in that cosy image.
Retirement
This is supposed to be the period when you take a step back from the hustle and bustle of corporate life, kick back and enjoy the fruits of all your years of labour. As a time of relaxation and spending quality time with your family and loved ones, it wouldn’t do to have rent stress weighing you down. One of the best times to buy a new home is before you go on retirement. This is why you need to aim towards buying your own home within the last ten years of your productive/working life. This way, you can truly enjoy a blissful retirement with no stress about rent or accommodation-related issues.
Huge Windfall
When one of the investments you’ve made pays a huge return, and you suddenly find yourself with a lot more money, one of the best investments you could make immediately is buy property. For one thing, it removes the need to pay rent to someone else for your accommodation needs. If you do not intend to live in it immediately, you could rent it out to others for a steady stream of money, or maintain it so you can sell it later for a handsome profit. Either way, you win big! Rainy season
Rainfall
This does not necessarily fall into a period in an individual’s life, it’s a season that recurs every year for brief or extended periods. It is the best period of the year to check out the home you want to buy because you can discover just how bad it could when the weather is not favourable. For instance, you can assess how prone/susceptible the location is to floods; the accessibility of the home during heavy rain (are the access routes too muddy to drive on?); the soundness of the home’s foundation (does water seep through the walls?); and also, you can identify problems that need fixing (like a leaky roof) before purchasing which could help reduce the price of the home.
Owning a home is a dream for many. Whether you decide to build your own home or buy a pre-existing home, you don’t want to end up making the move at the wrong time.
Hopefully this post helps you figure out what is best for you as you look for a house to rent or look for a house to buy.
This post is in partnership with real estate platform Meqasa.