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House Hunting: Is Now The Right Time?

Posted by Viktoria Michaelis on October 23, 2014 in Personal |

At what age does a person – or family, couple, whatever – decide that it is the right time to start house hunting? I am sure that we all look at houses as we wander by, wondering who lives there, what it would be like to own such a house, especially some of the mansions, and whether we can afford to make such an investment. I am no different: I see beautiful houses as I travel and wonder; I note where For Sale signs have been posted and, now and then, take a closer look; I read the trash news to see which celebrities are currently selling and how much their former home costs on the market. Until now, though, I’ve never really given it a serious thought. We live in a very comfortable apartment close to the center of this small town with all the amenities a couple could possibly desire, but it isn’t our house. It is an apartment which we pay rent and utilities for each month. We have a landlord and everything that goes with it.

Viktoria Michaelis: House Hunting

Photo Credit: Images_of_MoneyCreative Commons

Lately, though, I’ve been giving it more consideration. The fact that I am probably going to stay here now, that I have no real reason to return to the United States, that I am very happy in my relationship and the small, select society that surrounds me weighs heavily. Should I, at twenty-two, be looking further into the future and consider making my presence here permanent, my relationship more solid with property? There is no shortage of realty on the market, a constant flux of movement as families grow, as means change, as new estates are opened, and some of the properties are very attractive indeed, some even fall within the scope of my own means.

But do I really want, or need, this kind of commitment?

Love & Kisses, Viki.

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4 Comments

  • Francois says:

    Every kopeck you pay on rent is an expense, gone forever.

    Owning your home is partly an expense (utilities, taxes, mortgage if applicable) and an investment: you may see the money again one day.

    The only possible objection to investing in your own home is liquidity. It is most emphatically not age, relationship status, likelihood of wanting to move… It is liquidity. Period. My daughter just made a lousy joke here, stop reading over my shoulder.

    If it is likely that you might need to sell and get your money back quickly, real estate is not a good idea. Look for another investment vehicle (22? High risk, high growth potential would be your portfolio priority).

    Even if you were to do decide to leave, you can rent it or just keep it to have and to hold.
    “Is now the right time?” the title asks. Yep. The market is sluggish and low. Admittedly, even more so in Santa Cruz de Tenerife.

    • The market here is reasonably good, mainly because so many people are looking at selling which means, with almost a glut, the prices could remain stable, although they are unlikely to drop much. Private sellers, as much as those selling through a realty agent, want money. Those in a chain are more susceptible to market forces, needing to move on to cover costs for the next in the chain, which is the area I am looking at.

      A portfolio, quite possibly, but for that I will need to spend quite a bit of time exploring and watching. It’s on my list….

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