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Should buying a home be your ultimate goal?

Should buying a home be your ultimate goal?

Last updated 5th Aug 2022

When it comes to the financial goals that many people have, the assumption that the ultimate goal should always be to be able to buy your own home.

For decades that’s been the end of the line in a pretty fixed plan for many people: you go to school, you get a job, you settle down and buy a house. It often seems like as much of an inevitability as anything else for a lot of people, but in the last couple of decades, that’s all changed.

The idea of being able to buy a house has become more and more unlikely for a lot of people, and it can often seem as though it’s closer to a fantasy than an expected reality. However, that raises the question, how much does that really matter? Should your financial goal always be to buy your own home? Well, here are just a few reasons why it might not need to be right at the top of your list after all.

The rental market offers a lot of choices

For a lot of people, one of the most stressful things about trying to buy any home s that they really struggle to find the right property.

After all, if you’re going to engage with the most significant financial agreement of your life, then you’ll want to do so for a home that you really love. Well, if you’re unable to find the kind of home that you really want, why not look into the rental market?

Places like Invitation Homes have huge selections of homes to rent that may well be perfect for your needs. It’s a good idea to think carefully about exactly what kind of home you want because there’s a chance that you might have a better chance of finding it in the rental market.

Buying a home is a massive commitment

One thing that a lot of people don’t realise until it’s too late is that buying a home is a huge commitment and one that you should never take likely. Many people prize freedom over their own life very highly, and the ability to move around and experience new places is a big part of that. If you rent instead of buying a home, then you’re going to be in a much better position to experience new places without having to deal with a great deal of stress.

You won’t have to obsess over your credit score

Anyone who’s ever tried to buy a home will know about the number of financial checks that take place. Well, even though renting puts you under a similar scrutiny, it’s nowhere near the same level. Renting might not be the investment that owning a home is, but it allows you to forget about things like credit and loan repayments and just get on with the act of living your life.

Of course, a lot of people will still see buying a home as the ultimate sign of personal success, and there’s nothing wrong with feeling that way. However, it’s a good idea to remember that there are lots of other things in your life that you can prioritise instead without having to totally give up on your dreams of being a homeowner.

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