11 Apr When to Buy or Save Longer: Making Wise Financial Decisions
In the realm of personal finance, the age-old question of whether to buy now or save for later often arises. It’s a dilemma that many individuals face when contemplating major purchases or investments. Deciding between immediate gratification and long-term financial security requires careful consideration and weighing of various factors.
There is no magic pill in investment or having more money. You need to actually look in your local area or what specific area you are planning to be investing in. What on average have those homes gone up in value? Have they been going down on value? And see how much you are actually saving. Consider whether to save and get a higher mortgage or get into the home now and let the house do the saving for you.
Set your savings goal from 5%- 20% depending on your pre-approved amount from the bank, this will be your down payment. Don’t forget that you’ll still need money for lawyers and closing costs.
You can find additional income on a side hustle or maybe it’s high time to ask for a promotion or move to a different company and move up the ladder. But all of these rely on how you perceive your own real estate investing success (for it varies for everyone).
In this article, we delve into the key considerations to help you make informed decisions about when to buy and when to save longer.
