When is the right time to buy a house? This question must often cross the heads of people who are still in doubt when they want to buy a house.
House prices that are sometimes unreasonable, the amount of installments per month, complicated administration documents, and the cost of maintaining a house are the main reasons why people, especially millennials, prefer to enjoy life rather than buying a house.
But, ownership of this house inevitably has to think about for the future, especially if you want to settle down.
Then, when is the right time to buy a house? For those of you who are still confused, here are guidelines that you can make a benchmark for buying a home.
Having status as a permanent employee
When you want to buy a house, first pay attention to your employment status, whether currently the status of contract workers (outsourced) or permanent workers. This is important because later your monthly income can be budgeted regularly to meet the mortgage.
For those of you who are still contract workers, usually you will not be prioritized by the bank when you want to apply for mortgage, because it is considered not yet to have capacity and financially stable.
If you’ve invested for a long time, then you’ve taken the right steps. With investments, the funds you invest will continue to grow and not be eroded by inflation until you can finally use these funds to buy a house.
However, for those of you who have not invested. It’s time you start, you can try investing in mutual funds or gold. In addition, you can also grow your money in alternative investments in peer-to-peer lending.
The next factor that determines the right time to buy a house is interest rates.
If you have enough money to buy a house, pay attention to the current mortgage interest rate at that time. If interest rates are high at that time, it’s better to wait until they go down first.
This point is also important for those of you who intend to buy a house. Make sure your finances when going to buy or repay a house is in good condition.
If you still have a large mortgage or debt, it’s better to hold your intention to own a house.
In addition, housing payments should also be no more than 30 percent of monthly income so that your expenses are not disrupted.