There are a lots of things must be considered before buying your own house. Below are some of the factors that I think is a must:

1. Do you have enough money to buy them?

First, calculate the cash that you have in family, considered the average monthly income of your family. Then calculate the expenses of your family and last but not least, the emergency fund.

2. How mortgage you can afford?

Use this formula :

Family annual income X 4 = the maximum mortgage that you can afford

For Example : a couples have annual income $10,000, so mortgage that they can afford is : $10,000 X 4 = $40,000

3. The expenses after buying your house.

This is the expenses that most people forget : the expenses after buying your house. Owning a house is not 1 time investment because there are many expenses will come with it such as maintenance fees, utilities fees and etc.

4. Tax

It is advisable to consult expert for taxation issue in buying your house.

5. Buying a house VS Rent a house

I think this is a hot issue that most people discuss. You can get the answer by doing some calculation, here is the example:

A house worth $300,000, monthly rental is $1000 means the yearly rental return is 4%. If the rental is $1500 monthly, then the rental return will be 6%. So if the rental returns is 4% which almost same with the current fix deposit rate, then rent a house. But if it is 6% or more than that, then buying a house is better.

PS: different country with different economy condition will have different results.

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