Owing a Home

WOGIAM By WOGIAM, 30th Sep 2014 | Follow this author | RSS Feed | Short URL http://nut.bz/2uvbmoz6/
Posted in Wikinut>Guides>Property & Real Estate>Buying A Home

My dreams and hopes of at least owining my own home have remained just dreams over 10 years, it seems they older I get, the further that possibilty is slipping away.

I do not know if I should give up or continue to keep it on my bucket list.

A home is an investment

Most people want to own their own home,this is one investment which hardly fails and even if ones loses a job, relationships fail, families break up, the knowledge that one has a home, a santuary to go back to may bring some measure of comfort, privacy and relief, a home offers protection from the storms of life.

This article is about owing ones house /property.

Buying or building ones home, no matter how small or where the location is, has plenty of benefits. People have sold their houses to support their achievement of other goals and dreams. It is a first step towards climbing the property ladder, to some, a sign of maturity, responsibilit, independence and more.

The journey to owning a home is never easy as with the ever worsing economic situation, rising cost of property (especially in the United Kingdom), the complexity of the housing market makes it so much trouble for most people, including me.
The very rich do not have this problem though.

One way to owe a home is to save towards it, I personally have found this impossible as the cost of living is increasing daily while earning remain the same. This option should not be discounted anyway, any individual who wants to become a home owner is best advised to save but not to rely completely on that.

Taking a mortage with a reputation organisation is another option, though the terms and conditions are tough and more of a hurdle than a suport, it is possible and peole have benefitted from this.

Other viable schemes offer options which allow the buyer to pay a certain amout of money (deposit) and move into a home, the outstanding balance of the price of the property (plus interest if applicable), is then paid in installments to the housing assoication or company which runs the scheme/project . Full onwership is transferred to the tenant owner once agreed payments and all other terms of agreement completed.

Tags

Expensive, Home, London, Mortgage, Property, Share

Meet the author

author avatar WOGIAM
I read almost every and anything.
I love books, travelling (when I can afford to), cooking and eating.

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Comments

author avatar Mark Gordon Brown
30th Sep 2014 (#)

You must start saving when young and buy a small house, if you buy too big of a house your payments will be too high

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author avatar Fern Mc Costigan
30th Sep 2014 (#)

Indeed, I od agree with Mark, startwith something small as time goes by and the family grows you can buy a second one and the first one to be a rental or sell it if it has a lot of equity!

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author avatar Bill Harbin Jr
30th Sep 2014 (#)

It is never too late to buy a house. My parents did not buy their first one until they were in their 40's. They bought a small starter home then when they were over 50 they bought a larger home. Save and buy wisely and you will never regret it.

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author avatar WOGIAM
1st Oct 2014 (#)

Thank you for your sincere advice and suggestions, I would continue to save and plan and hopefully sooner than later, i would be able to live in my own home.

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author avatar GV Rama Rao
2nd Oct 2014 (#)

It's true one must have a home of his own asap. I suppose to own a home some hard work and little success is necessary. Here is wishing you good luck.

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author avatar Retired
21st Oct 2014 (#)

A current opinion on ownership seems to be that buying is only a wise move if one is going to stay there for a reasonable number of years. Reselling is often time consuming and has many fees attached. For many, renting may actually be cheaper in the long run. Lots to consider with such a big purchase :)

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author avatar brendamarie
22nd Mar 2015 (#)

I am forty years old and do not think, I will ever own my own home not if thing keep going the way they are now. But, i never give up hope.

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author avatar WOGIAM
23rd Mar 2015 (#)

Good for you brendamarie, hope is one powerful gift to have, it motivates people to believe and achieve. I wish you all the best always.

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