12 Common Excuses for Not Buying a House
Buying a home is a big decision and a difficult one for many people. They can spend years dreaming of buying their own home but never pull the trigger. When you finally make a property investment, it’s an amazing feeling.
Homebuyers have something of their own that they can do anything with. Their imagination is the limit when it comes to interior design and more. Why rent when you can have the home of your dreams?
People make many excuses for why they can’t purchase a home. Are you guilty of these excuses? If you are, then it’s time to reconsider and finally make the decision you know you want.
1. I’m Too Young for Property Investment
When people graduate from high school or college, they usually find a house or apartment to rent. They have their whole life ahead of them, so why would they want to invest in a home? Whether you’re a new graduate or you’ve been at your job for a few years, purchasing a home is a great way to start your adult life.
You’re establishing an amazing credit rating if you’re paying your mortgage off every month. A rental house or apartment doesn’t do anything for your credit, but a mortgage can make your credit scores soar.
You’re also establishing equity in your home, so as you pay it off, you’ll eventually be able to get a home equity loan or line of credit.
2. I’m Too Old for Buying a Home
People who have spent most of their life in rentals become accustomed to the feeling. Some people stay in rental homes and apartments for years and years. They get to the point where they might be in the 40s or 50s and think they’re too of for a mortgage.
This isn’t the case. If you’re nervous about a 30-year mortgage when you’re older, then you can choose to have one that less than 30 years. You’ll have to pay a little more per month, but it’s worth it when the house is paid off when you’re 60 and not 70.
It’s also an investment for your future. If you buy a home and build equity and then decide to move into a retirement home or other arrangement years later, then you can sell your home for a significant profit and use it to help live in your retirement.
3. I’m Not Ready for the Responsibility
One of the reasons for renting vs. buying a home is if something goes wrong, then you don’t have to worry about it. The landlord must make sure the furnace works and that the foundation stays strong, etc.
The reality is their landlord only controls what the lease says. In many cases, if the oven or refrigerator goes, then it’s your responsibility. Also, the homeowner’s insurance helps cover the costs of major repairs to your home. It’s likely what the landlord uses when he fixes your home.
4. You’re a Window Shopper
If you want to buy a home and see yourself visiting house after house, but never going any further, then you’re a window shopper. These people keep looking but don’t take the next step. They can find a great house, but don’t talk to the consultant or move to a certain point and then back out. There are many reasons why window shoppers exist, but ultimately, they fear committing to the house.
If you find yourself visiting many homes and not making it any further, just imagine living in the home and how good it will feel. You’ll take that next step. Check out our latest house now.
5. The House Has to be Perfect
There are thousands of homes for sale throughout Malaysia. Each one is different, but there isn’t one that perfect in every way. One of the biggest excuses people make is the house must be perfect. It seems no matter how amazing the home is, they find something wrong that persuades them not to buy.
The perfectionist will never find the perfect home and will spend months or years looking. You need to change your perspective. When you purchase your home, there is no one to tell you what to do with it. If you wish it had a certain type of windows, flooring, etc., then you can make those changes.
6. I’m Waiting for Prices to Drop
The real estate industry is constantly in flux. Prices go up and down from year to year, but if you’re always waiting for prices to reach a certain limit, you might be waiting a long time.
Don’t focus on the price, but what you can afford. If you want a certain house and it’s outside your budget, then waiting to see if the price drops is a natural reaction. If every house you see is too expensive, then it might be your setting your sites too high. Focus on what you can afford and find the best house in your price range.
7. People Keep Telling Me Not to Buy a House
Everyone has that one friend that’s an expert in everything or someone that flipped a house five years ago, so they’re experts in everything real estate. They’re telling you that now’s not a great time to buy a house or they come up with reasons why you should wait.
These people are not professionals. If you want to assess the housing market, then ask a Realtor or research on the Internet. Don’t listen to people that don’t have the expertise in the housing industry.
8. I Don’t Know What I Want or Need
People worry about getting a house that’s too small or too big for their current needs. It’s not uncommon to go house hunting not knowing exactly what you’re looking for. That’s why you visit different houses and get a feeling for what you want.
The great thing about buying a home is it doesn’t have to buy one right away. You can wait for months to discover what you like and what you need. When you’ve decided, you can take the plunge and make the purpose.
9. I Can’t Afford a Home
Every home comes with a mortgage and people that aren’t familiar with mortgage costs usually assume they can’t afford it. The reality is the rent you’re paying for your apartment or house is likely to close to the price of your mortgage.
The two biggest factors when it comes to monthly mortgage prices are the interest rate and the length of the mortgage. The longer the mortgage the less you’ll pay per month, but you’ll end up paying more in interest over time. A high-interest rate also means higher monthly payments, so shop around for the best rates.
10. I Can’t Get a Home Loan
People with bad credit or with only a small down payment worry they can’t get a mortgage loan. Your credit and down payment are factors when it comes to buying a house, but you can work on improving your credit or wait and get a better down payment.
You can also check for special programs for people with bad credit or government programs to help people buy a home with a low down payment.
11. I Don’t Plan on Living Here Forever
When people move to a place for a job or other reason, they usually rent because they know eventually, they’ll move on to another position somewhere else. That doesn’t mean buying a home isn’t a good idea.
Many times, people plan on being at a place for a year or two and end up staying much longer. You can buy a house and build equity through the years and when you finally do move, you can sell your house for a profit and purchase a better one or pocket the profit.
12. I’m Waiting Until I Have a Family
Often people think home buying is something people do once they’re married and have a family. They settle down and buy a house that fits their needs not only at that time but also if they have more children.
If you buy a house while you’re still single, then you can build equity until you’re ready to buy a bigger house. Once you sell it, you’ll have a profit to purchase a larger house and perhaps with a shorter-term lease.
Stop Making Excuses
People make lots of excuses for not buying a home. These are just a few, but they are the most common. Don’t let excuses keep you from making a property investment. You’ll end up regretting it.
If you want to learn more about buying a home or finding affordable homes, then register with us today.