{"id":1115,"date":"2019-05-28T18:00:51","date_gmt":"2019-05-28T18:00:51","guid":{"rendered":"https:\/\/rankmyagent.com\/realestate\/?p=1115"},"modified":"2019-06-06T20:43:32","modified_gmt":"2019-06-06T20:43:32","slug":"top-10-reasons-to-not-become-a-homeowner","status":"publish","type":"post","link":"https:\/\/rankmyagent.com\/realestate\/top-10-reasons-to-not-become-a-homeowner\/","title":{"rendered":"Top 10 reasons to not become a homeowner"},"content":{"rendered":"\n

Becoming a homeowner is sort of like a rite of\npassage. It\u2019s almost expected of young adults and families. But, buying a home\nis a huge decision \u2014 and one of the most expensive ones at that \u2014 and\nit\u2019s not necessarily the right one for many people.<\/p>\n\n\n\n

Here are 10 totally acceptable reasons not to join the ranks of a homeowner: <\/p>\n\n\n\n

1: You don\u2019t have the savings<\/strong>: A downpayment of up to at least 20 per cent is required to obtain a mortgage and in most major Canadian cities, that means a huge chunk of change as houses often start in the high $300,000s. If you haven\u2019t been putting aside your childhood allowance, building up the savings for a downpayment is a hefty task. It\u2019s not impossible, but you may be finding yourself asking for help from family, or taking out loans you wouldn\u2019t have had to if you had been saving for years. <\/p>\n\n\n\n

2. You don\u2019t want the trouble<\/strong>: As the owner of your home, you are suddenly responsible for everything. If a pipe burst, you fix \u2018em; if the fridge breaks, you have to replace it; if the basement floods, you have to sort it out. It takes a lot to make a home run smoothly and it\u2019s not cheap. When you take those keys to your new house, you also take on landlord and property management roles as well. Now, doesn\u2019t that make you miss the days when you would just call up your landlord or lady and have them sort things out on your behalf? <\/p>\n\n\n\n

3. You\u2019re not ready to settle:<\/strong> Are you a working professional who is still searching for the perfect job role? Does your job have you travelling around or moving a lot? Is all you can afford something you\u2019re not in love with? These are all reasons to not buy a home. Or, at least not yet. You don\u2019t want to lock yourself into a mortgage if your job is going to relocate you in a couple of years. Perhaps, it\u2019s best to wait until things in life have settled and established a stable routine before deciding to make a big real estate investment.<\/p>\n\n\n\n