Especially in the long term, buying or getting your own property (real estate) can be a clever move. But it is a possible big purchase that can, financially, affect a lot of other things in your life. This is because the cost alone of a specific house is enough to rattle you, often forcing you to take a mortgage loan of 20 or 30 years (with interest, of course). For more info click this link.
Besides that, having a home means having the house maintained by you. Some people claim that it is like competing in a marathon race to buy a home. In order to purchase homes, you should also be in top health condition. You’re better off not doing it, otherwise.
People are still slipping into the pit of being reckless and making major errors. Before agreeing to purchase properties, they neglect to look into a lot of financial factors. They have not seen where their financial position will be in the future, especially when they think about retirement planning. In short, no one should be dominated in life by one significant purchase (buying a house).
You shouldn’t trust banks often,
Why would that be? When it comes to managing capital, are they not the most trustworthy parties? Not when real estate is involved. Since so many people get loans from them to buy homes, they earn the most cash.
They will also inform you that, using certain equations and such, you can afford to buy homes. Sometimes, they do not take into account those costs you are burdened with (kids expenses, living expenses and so on). Therefore, only you, instead of lenders, clearly understand your own financial situation. Without caring for the amount of interest you have to pay back to them, money lenders are only interested in lending you money.