Which growing financial troubles could homeowners be facing?
It can definitely be said that buying your own home is going to give you financial trouble. Unless you’re working your way up to be a high end business manager or perhaps you just have a good career, the strain on your financial is always going to be high. Even if you have a great job, there’s the issue of getting a little too big for your boots, and you’ll end up buying something bigger to suit your bank account, but then your bank account struggles.
That’s just in relation to to actually buying the home; that’s not even factoring in all of the costs that are going to come with the move and all the costs from then on out. Living on your own and being able to put a roof over your families head is so essential. It’s hard to live life without having your own place that you can truly call yours.
Some of you might live with your parents until later on in life or might live with friends, but when it comes to the time that you need something that’s totally your own place, you need to be aware of the financial troubles that only seem to be growing.
Rising real estate prices
One of the biggest costs that you’ll ever make when it comes to your home, the initial one. Buying a home is something that we all have to do, and it’s actually one that you look forward to throughout the whole of your teenage and young adult life. It’s just that sense of freedom and independence that you can’t get from anything else in life.
It doesn’t hide the fact that it has the biggest price tag out all of the things you’re ever going to buy in your life. The first rising cost is the cost of the initial deposit. People save for years and years, just to scrape enough together to get a 5% deposit. Some might be lucky enough to have money passed down for it, but most of the time, people have to work extra hours most days of the week to be able to afford it.
There are schemes in certain countries, such as the United Kingdom, that are helping first time buyers to move out. The government will give them a certain amount of money, depending on how much they save from the scheme. It’s the same if you’re moving from one home to another. Property is just soaring in price, so although yours might be worth more than it was when you first brought it, it might be that you simply can’t get the same home you did, for the same amount of money, so you might end up losing out in a move!
Rising operation costs
Whether you rent or not, you just can’t run from the cost of having to run your own home. Each month that hill will come out of your account, and over the years you will no doubt notice that it’s creeping up. If you’re living with just your partner at the minute, and you soon start your own family, you will most definitely realize how expensive it can be to run a home.
Gas and water bills seem to be the highest, but most of the time we’re only making it worse for ourselves. From taking those long showers, to washing up the dishes one by one with the water running. You would be surprised as to how quickly it all adds up! The same goes with having the heating on high, through all hours of the night.
As much as we don’t help ourselves, it’s a well known fact that the price of bills is only going to keep rising, as resources drop. As a human race, we’re draining the world of its resources more rapidly than ever. Although there is now more of an awareness of the crisis that’s facing the world, it still doesn’t mean that we’re not continuing to use up every drop. So the shortage that we’re now creating, and the charges businesses are facing for providing things such as gas and water, means that the price that us as a consumer pays is on the rise.
Rising maintenance costs
It’s not always the cost of the home or what we have to pay towards it each month. It’s the random costs along the way that mean owning a home is becoming ever more difficult. The trend we’re noticing at the minute is that things are going wrong in the home, especially with new builds.
New builds are good if you’re looking for that show home vibe to move into, but it’s not always going to pay off in the long run. You might think that because it’s a new build that nothing is ever going to go wrong. With new builds, faults such as leaky pipes, broken appliances and cracked interiors are showing.
Some issues are going to be more costly than others, but they’re just the issues that we shouldn’t have to deal with in life. Always be aware of the home you’re buying, and if you are going to buy a new build, check to make sure that the company building it has a good reputation. This can easily be found by Googling the construction company, and you will be flooded with reviews to read!
Will this trend ever change?
The answer is no. The world isn’t exactly going in the right direction at the minute, and there are money shortages all over, meaning that the cost of living is not going to dramatically improve. It will be in many years to come before anything changes, if it even does.
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