Buying a house in installments can be a daunting task for those with low or no income. Or take all the money to pay off. This option really saves a lot of money and allows people to own a house, but buying a house is still a problem for some people. Some even say, “Wait until you have enough money to buy a house.”
Of course, you must know that the house is very expensive, not save immediately, so remember to save all the money, it takes a long time and some negative effects, such as:
1. Cost of renting a house
Generally, rent is paid monthly according to specific needs, aesthetics and preferences, ranging from $ 100 to $ 300. So renting a house for 5 years, 10 years is still their house. If we can afford to pay the rent in installments for at least 2 years, we can move in, which everyone must consider carefully.
2. Wait Until Having Enough Money
If you wait until you have enough money to buy the house, the property at the location that you consider to buy will definitely increase the price which the money that you have enough cannot buy the house at that location, then you need to look for a new father location or outskirts of the city to buy. Therefore, as long as we all have enough money, it is very difficult to find a location near the city.
3. The House is More Expensive
Of course, house prices are not easy to fall, despite some crises and economic problems, but it is seen that it will be more expensive and difficult for those who have low budge. Time passes by, the house is more expensive.
However, buying a house in installments has its pros and cons. The good news is that we can own a house since we do not have enough money to buy one. The downside is that you have to pay a higher monthly interest rate, and the longer the installment period, the higher the interest rate.
On the other hand, buyers also need to consider, not just buy when you want to buy a house. You are recommended to study about your monthly income and expenses, to avoid facing financial issue later because when decide buying a house in installments, the company will be required to pay both principal and interest.