The world changes, customs change, people change. However, sometimes, dreams don’t change. Or, at least, some dreams do not change, and the new generations coin the same dreams as their parents and their grandparents. For example, having your own home. That is one of those dreams that does not age, that is transmitted from generation to generation, still.
Having your own home is not just another dream, a common one like acquiring a luxury vehicle, or spending a beach vacation or studying for a master’s degree. They are all important, it must be clarified, but that of the roof itself is special because it also starts from an unparalleled aspiration that is to provide well-being to the family, to the most important people in your life.
If you are going to buy a property using a mortgage, you need to know that your signature means that you have acquired some economic and legal commitments that you must fully comply with. For example, paying monthly installments on time. Also, keep in mind that a mortgage is a long-term commitment, so you have to be prepared for eventualities.
My advice is that, together with your wife and your family, make an analysis of the family finances and be aware of the commitment they are going to acquire, the responsibilities they assume, the sacrifices that they will surely have to make. You have to weigh what is most important for the well-being of the nucleus, and you will surely have to resign other less urgent investments.
The important thing is that the obsession of being an owner does not lead you to a compromising situation that causes you strong and prolonged headaches. This is a topic that you should consider very seriously, with a cool head, without passion. If your financial situation is not stable or secure in the medium or long term, perhaps acquiring a mortgage is not a good idea.
It is that my friend, there is a lot at stake: you can lose not only your money but also the property you bought. And the tranquility of your family, the harmony of the group, and even your health may be at risk. Believe me; I know very well what the consequences are of a bad decision or a hasty decision. And my task as a consultant is to make you see this reality.
If, on the other hand, you have the money to buy the home you want, that is, without a doubt, the best alternative. Because you become an owner right away because you don’t owe anyone, because you save money, however, this is another decision that cannot be taken lightly, impulsively, because, like any other, it also has its edges.
In any case, experience has shown me that buying cash is the best option because several weight benefits emerge from it. For example, you increase the family wealth, that you support the future of your family or that it has a good that you can dispose of in case the outlook turns negative. And, of course, you are the absolute owner of that property.
However, there is a reason why, despite having the necessary money, this may not be the right way, and you should consider a few more options that happen when the purchase of the property exhausts your cash flow. In today’s world, we know, the only sure thing is change and, therefore, we must be prepared for the swings, for the unforeseen.
Being short on cash is always a risky decision, one that is better not to make. That the desire to have your own home does not become the starting point for problems and headaches, it may be better to buy a small loan and keep cash flow, so if you have a problem, you have a chance to respond.
There are no ideal rules or perfect scripts: each case is unique, it is particular. If you are a real estate consultant, show your client the pros and cons of these options; If you are the client, have your advisor present the required information so that you can make the best decision. What you must prioritize is the well-being of your family that the golden dream does not become a nightmare.