Do you really want to buy a house?

Deciding to own a home is one of the most important moments in the life of any man or woman. want to buy a house?

Since ancient times, one of the basic needs of human beings has been to have a decent place to live. Regardless of economic, social, and political situations, thousands of people have dedicated themselves to working, generating savings or not, and investing in property.

Deciding to be a homeowner is one of the most important moments in the life of any man or woman, even more so if you already have a stable job and definite future plans.

Faced with this situation, you begin to investigate, read, talk to those who have already lived through the experience, and look for information to fully immerse yourself in the situation of the real estate market, remembering that all your life you have heard your parents repeat the phrase: “the best investment you one person can do is buy a house”.

Now, do you really want to buy a house?

As a financial advisor, it seems important to me to better explain this topic, to refer to the American economist Robert Shiller, winner of the Nobel Prize in Economics in 2013, who anticipated the crisis of the housing bubble.

For the economist, the idea that it is a good alternative to deposit money in properties is a fashion that began at the beginning of the 21st century, when real estate prices increased steadily.

Shiller insists in his analysis that real estate investments are not very profitable: “Houses have not traditionally been seen as a good investment. It is necessary to maintain them, they depreciate, and they go out of style. All of these are problems. And there is technical progress in buildings. The new ones are better.”

Following this concept, it is important to evaluate what are the reasons for each person when daring to make a real estate investment. The North American maintains that one of the wrong reasons to think that it is a good investment is to think that it will multiply year after year.

So, seeing all the possibilities of the market, I ask you:

  • Are you willing to invest a large amount of money in a home and exchange money for a brick?
  • Is it a good option to request a loan or mortgage to maintain the quality of life of your bank?
  • Is it the same for you to invest in a home or in a new car?
  • What is your main objective to make such an investment?

If the answers confirm the decision, I think that in the first place it is important that you have the support of a trusted financial advisor, who will provide you with the maximum information, explain how the market works and show you the global panorama.

In addition, since it is a transcendent resolution for the family, it is useful to take some time and think about the personal needs and circumstances to define the place, type of housing, requirements, and other factors.

In short, don’t be in a hurry! And if you mortgage your life and that of your family, create a financial action plan that allows you to pay off the mortgage in the shortest time possible.

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