Buy Property With Your Mind, Not Your Heart

If asked what if one should buy property or rent it, many will answer that to buy property is preferable. We feel that a home to call our own has many advantages, and that a rented property is only a stopgap measure at best.
That is because when you buy property, you get a lot of freedom in many respects. You are not answerable to a landlord, can pick and choose your neighborhood, embellish the place as you pretty well please without having to take anyone’s permission, and have no monthly rent checks to sign. The value of the property will also increase with every passing year, and eventual resale will mean a tidy profit.

Significantly, when you buy property to live in, you also buy a definite status symbol. But the reasons for owning a home also go deep into the emotional realm – it gives feeling of completeness and wholeness to one’s life. There are probably few things that can give one the sense of fulfillment and achievement that buying a home for one’s family can.

When you buy property, you definitely get all these things. However, you should also keep in mind that there are responsibilities involved. Owning a residence is a considerable commitment. From the moment you buy property by signing on the purchase deed and putting your down payment on the realtor’s table, you course is charted in many ways:

• By buying a home, you are accepting full responsibility for its upkeep.
• You have surrendered the choice of moving to another place whenever the fancy should take you.
• You have committed yourself to building a workable relationship with your neighbors, whether you like them or not.
• You have decided that this is the most convenient base for you to go to work, and your children to go to school from.
• You have assumed the responsibility for paying property taxes, home maintenance, etc.

In other words, you should buy property only when you have an unshakeable monetary base, and are secure in your monthly income or pension. Before you buy property, you should also be comfortable with the surroundings, the expenses involved and the people who share the locality with you. Your family needs the proximity of schools, marketplaces and entertainment facilities. Your kids need friends of their own age group. The woman of the house needs neighbours with similar interests and life-philosophy.

Consider all these things before you buy property. Doing so is definitely the ultimate investment, and you do owe your family a home of their own – but buy property wisely and after a lot of research.

By: Paul Shak

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