There is no such thing as a perfect moment or age to buy a house. Before opting to purchase a new house, consider your current financial situation and if you are prepared to make such a large investment.
Whether you buy a home while you are young or when you are older, there are several advantages to owning a home. While purchasing property might raise your status, it can also be difficult if not done correctly. At the very least, you are ready to make a home investment when you can comfortably afford the associated payments, are responsible enough to own and maintain a property, and have reached the legal age to finalize financial transactions (18 years in most cases).
Pros of Buying a House While Young
If you want to buy a property in Rwanda while you’re still young and have the financial means to do so, we encourage you to take the next step. Here are some of the advantages of having a head start.
1. Purchasing a property is an excellent strategy to boost your net worth. Investing in landed properties is a wise choice since they tend to rise in value over time. If you get a head start, you’ll be rewarded handsomely in the long run.
2. Your home’s worth will continue to rise as long as you can maintain it to stay up with growing market values. The longer you wait to buy a home, the more money you’ll have to spend.
3. Buying a house when you’re young boosts and increases your status.
Why Waiting Till You’re Older Isn’t A Bad Idea
If you aren’t in the market for a home right now, waiting until you are more confident is a great alternative for the reasons listed below.
1. Waiting till you’re older gives you the opportunity to develop a better understanding of what your dream house should look like. When you buy when you’re older, you have to consider things like your job, family size, and current requirements and goals.
2. You’ll have more time to increase your financial capabilities. As you get older, your earning potential rises, making it simpler to buy your ideal home without making significant compromises.
What You Must Consider Before Buying
- The state of the local property market
The decision to buy now or later may also be influenced by current market conditions, over which you must be aware that you have no control. For example, the area you choose may not currently offer acceptable properties in your price range.
2. Your ability to maintain the house
The capacity to be accountable for the home, rather than money or housing availability, is sometimes the decisive element in whether or not you buy a property. Can you, for example, find time to mow the lawn or hire someone to do it for you? Can you fix tiny leaks and cracks before they become major problems? They may seem small, but when it comes to purchasing a property, the small details count.
3. Your risk appetite
Purchasing a home has some risks, especially if you are not purchasing from a reputable developer or house owner.
Whether you purchase a house when you’re young or wait till you’re older is totally up to you. Before making a decision, you must first examine your current circumstances and balance the benefits and drawbacks of both options.
In Kigali, we have eMall Property brokers who can assist you in evaluating your alternatives and advising you on what is best for you. So, to get started, please send us a note right now.
