PH Real Estate - Why Single Prospective Homeowners Can’t Buy their Dream Houses

You have your checklist ready. Your money has been stashed in the bank, waiting to be withdrawn. You have painstakingly saved that money for buying your dream house. Everything is set in motion – except – you can’t buy it. Isn’t that ironic? What seems to be the problem? Let’s go over the reasons why you can’t buy a house.

• Your standards are too high.

There are no perfect houses. There will always be something that is lacking. It may be a creaking door, or a mildewed washing room.  That’s natural because nothing can ever be perfect in this world.

Aiming for a perfect house is impractical because anything in this world is subject to change. Hinges can become rusty, dry places can become damp, and so on.

If you want to buy a house, list down the pros and cons of each house and buy the house that has the fewer defects. And that’s it.

• You don’t want to part with your hard-earned money.

You’re actually procrastinating to buy the house because you don’t want to spend the money that you have saved for several years. The knowledge that you have that large amount of money in the bank makes you secure and safe.

You don’t want to part with your security blanket, so you don’t want to use that money to buy the house of your choice.

The reason may seem ‘dumb’, but to people who had experienced working their butts off just to save money, it means a great deal to them.

• There may be problems with the appraisal of the property

You have chosen your dream house but there were problems with its appraisal. Currently, you’re stuck in a bind because you and the buyer don’t want to agree on what appraisal to use – that of his appraiser, or that of yours.

As the buyer, you should stick to your guns, provided you have hired an honest appraiser. You wouldn’t want the seller to rob you of your money, would you?

If you still cannot come to a compromise with the seller, you can hire a third neutral appraiser to do the task. But before you do that you should sign a contract with the seller denoting that you will both respect the results given by the neutral appraiser.

• You’re not ready to settle down.

Buying a house denotes that you’re ready to settle down in one place. If you’re single and living alone, you can find settling in a permanent place daunting. Permanence extracts responsibility, firmness, industry and maturity. It can be scary for person who wants to live freely, who usually shirks his responsibilities, and is used to the frivolities of life.

Conduct a self-evaluation and determine if this is the genuine reason why you can’t buy your ideal house. If it is, then you have to become mature and be willing to accept your responsibilities. You’re not growing any younger.

Time will inevitably pass by and you will age, whether you like it or not. Therefore, it’s high time for you to buy your dream house and claim responsibility for its maintenance and up-keep.

• There are problems with the real property tax

You learned recently about the real estate property taxes that you must pay every year, and you’re scared out of your wits. You didn’t expect the taxes to be so expensive. As the buyer, you would be paying for the Realty Tax, Transfer Tax, Documentary Stamps and the Registration Fees.

It could also happen that the seller is delinquent in his taxes and that would be a problem. He has to pay first his overdue taxes, before you agree to purchase the property.

• You lack motivation to buy the house.

You don’t need a house urgently, so what’s the rush? This can be your thought for delaying the purchase. Perhaps, you’re still living in ‘single blessedness’, but mind you, you will get married soon, and the first thing that you would need is a house.

Isn’t it better to buy your dream house now, while you still have the finances to close the deal? It would serve as a security measure for your married life. You have a house, and what’s next is to fill it up with the happy laugher of your children and wife.

If not, you could also live with your parents in the house that you have bought. It would be one way of paying back what your parents had done for you.

• You have plans of going abroad.

In this case, you can buy the house as an investment. You can lease it or rent it out and receive a monthly income. Ascertain that the house doesn’t need major renovations.

This can be a profitable investment that can earn you extra money. Ensure though that the renter is someone you can trust. You should sign a contract indicating that any damage caused by unnatural events should be repaired by the renter - at his own cost.

A clause should include your authority to request her to leave, if you wanted to use the house. Of course, you have the obligation to give him a month’s notice to look for another abode.

• You dislike the seller.

Perhaps you hate the smugness and arrogance of the seller or agent. You don’t want to see his satisfied smile after the successful transaction.  Your dislike must be humongous to be able to give up your dream house for it.

Making this a reason for not buying your dream house is immaturity. After the purchase, you will go your separate ways. So, don’t allow him to change your rational behavior. Be the greater person by tolerating his unwanted behavior.

If you can’t stand it, then you can search for other properties, you can surely find one eventually. However, don’t allow your dreams to disappear because of other people. You owe it to yourself to fulfill your dreams.

These can be the reasons why single prospective homeowners can’t buy their dream houses. Go over these pointers and heed the advice given. In the end, it’s you who will benefit from buying your perfect home.

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