Homes of New Hampshire Realty



Posted by Homes of New Hampshire Realty on 10/4/2017

Price isn't the only major factor that stops people from buying houses. In fact, there are adults who qualify for good fixed mortgage rates who opt not to buy a house. Part of the reason for this is history. As with any other life choice, past experiences living or owning a house matter.

What's keeping you from exiting rentals?

For example, if someone grew up watching his parents struggle to pay the mortgage to the point where his parents worked long hours, rarely spending time with him when he was a child, that person might attach home ownership to hard work, struggle and lack of work life balance. Avoiding poor work life balance for this guy could mean never buying a house.

In addition to price and past experiences, below are four other reasons why people choose to keep renting instead of buying a house. Although these four reasons are not all inclusive, they are major stalling agents:

  • Changing economies can create the fear that causes you to think that even if you could afford a house right now, a significant economic shift would easily put you in over your financial head
  • Adjustable rate mortgages can wreck as much damage on your ability to pay your mortgage as can a significant downward economic shift. With an adjustable rate mortgage, your monthly mortgage payment could start at $900 and shift upward to more than $1,200. A workaround for this is a fixed rate mortgage.
  • Job insecurity could be the result of a person going through two or more layoffs in less than 10 years. It goes without saying that a job layoff can put a person at great risk of not being able to afford a mortgage. To offset this fear, buy a house that requires no more than a third of your income. That way you could pay your mortgage if you took on part-time work until you found a permanent job.
  • Relationship changes like a divorce can also cause you to be cautious about owning a house, especially if you lost a previous house as part of a divorce.

Don't let fears keep you renting

You're right to think that owning a home will change your life. Where you might be wrong is in thinking that owning a house will drive you into prolonged debt or push you out of work life balance. You also might be surprised to discover that owning a house doesn't mean that you absolutely must take on unexpected repair expenses.

Should you buy a new house, you might enjoy seven years of repair free living. Regularly perform maintenance on your house from the first year that you own the home and decades  might pass before you have to deal with a major house repair.

If you're still afraid of potential repair expenses, engage in conversations with workers at your local home goods store. These workers could offer you free tips and advice on steps that you could take to deal with minor house repairs. Additionally, some home goods stores perform interior design work, saving you the time of finding an interior designer should you decide to upgrade your house.

Just don't talk yourself out of owning a house if that's what you really want to do. There are home ownership options that let you ease in owning a house. For instance, your pathway to home ownership could start with renting a house for a year through rent to own agreement.