Declare independence from expensive house monthly loan repayments or rent in 2023! 🎉
We all know how having too much debt, loans and mortgages can be a burden if it is not managed well. While choosing to rent your house or have a mortgage to service your house loans over a longer period seems viable for some, considering 𝙥𝙖𝙮𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙝𝙤𝙪𝙨𝙚 𝙞𝙣 𝙁𝙐𝙇𝙇 𝙝𝙖𝙨 𝙢𝙖𝙣𝙮 𝙖𝙙𝙫𝙖𝙣𝙩𝙖𝙜𝙚𝙨. 👍🏡
Here are my reasons why you should consider paying for your next house in FULL (if you can):
1️⃣ 𝙄𝙩 𝙛𝙧𝙚𝙚𝙨 𝙮𝙤𝙪𝙧 𝙢𝙞𝙣𝙙 𝙤𝙛 𝙥𝙤𝙨𝙨𝙞𝙗𝙡𝙚 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙥𝙧𝙤𝙗𝙡𝙚𝙢𝙨 𝙞𝙣 𝙩𝙝𝙚 𝙛𝙪𝙩𝙪𝙧𝙚. You could free up some cash for traveling, children’s education, emergency health issues, retirement, or other long-term plans.
2️⃣ 𝙂𝙞𝙫𝙚𝙨 𝙮𝙤𝙪 𝙨𝙩𝙖𝙗𝙞𝙡𝙞𝙩𝙮 𝙬𝙝𝙚𝙣 𝙩𝙝𝙚 𝙩𝙞𝙙𝙚 𝙩𝙪𝙧𝙣𝙨 𝙖𝙜𝙖𝙞𝙣𝙨𝙩 𝙮𝙤𝙪, eg: loss of job, salary cut, loss of the main breadwinner, supporting sick spouse, child, parent, or increase in costs like GST hike or electricity tariffs.
3️⃣ You could be 𝙨𝙖𝙫𝙞𝙣𝙜 𝙤𝙣 𝙩𝙝𝙚 𝙞𝙣𝙩𝙚𝙧𝙚𝙨𝙩 𝙥𝙖𝙮𝙢𝙚𝙣𝙩𝙨 𝙤𝙣 𝙝𝙤𝙪𝙨𝙞𝙣𝙜 𝙡𝙤𝙖𝙣𝙨 or an 𝙞𝙣𝙘𝙧𝙚𝙖𝙨𝙚 𝙞𝙣 𝙡𝙤𝙖𝙣 𝙞𝙣𝙩𝙚𝙧𝙚𝙨𝙩 𝙧𝙖𝙩𝙚𝙨 𝙬𝙞𝙡𝙡 𝙣𝙤𝙩 𝙖𝙛𝙛𝙚𝙘𝙩 you at all.
Simply put, if you have the financial capability to do so, you could save a lot of money in the long run! Especially in these uncertain times, with inflation and sudden increase in bank interest rates to above 4%, paying in full may free you from uncertain factors currently affecting many homeowners that may lead to serious financial problems and social problems like divorce, or health problems like depression.
Remember to assess your situation and budget well when looking for a new home. Talk to an expert, if you feel like you have concerns and unanswered doubts.
Need someone to help you assess your situation? Give me a call.
Drop me a message on my FB or IG, or WA me at 9178 4459 for a non-obligatory consultation.