There is no doubting that buying your own home is a great thing. Darryl Kerrigan can even be contributed to popularising the term that a “man’s home is his castle”. True, but that was 20 years ago and times have changed. We all want a ‘castle’ no doubt about it but these days it could well be a dead weight. So here’s four reasons why it might no longer be suitable to buy a home:

  1. Because you’ve been told that’s what you’re supposed to do – grow up, move out, rent, get married, buy a house, have kids, buy a bigger house and accumulate plenty of crap along the way. That notion is a slowly dying cliché. I’m all for tradition but those phases just don’t match how it happens.
  2. Because Uncle Ted told you it’s a good investment for your future – Darryl Kerrigan also said “tell him to go and get stuffed”. Well done to Uncle Ted, he bought in the 1990’s for a couple of hundred grand and did nothing and sat on it through an accumulating market for it to now be worth $1.3m. Unfortunately, that experience doesn’t qualify as expert status. Take armchair investment advice wisely.
  3. Because of the hypothetical future, with lots of kids, horses and room to expand – if you do this you’ll likely be overextending and those nice extras could well be the deadweight that gets you unstuck.
  4. Because you’re trying to ‘keep up’ – buying property won’t change who you are. No matter what idealised thoughts you have.

Live a life, and buy a home when it actually becomes something that you want in your life. Hype, noise, pressure, stress all exist because the mantra of a home makes you feel like you need it right now. Forget all that and take the time to make the right decision for you. As a happy playground is much better than a deadweight.

Now, there are a lot more considerations to give thought to and just as many options. Everyone is different, looking at different things, all at different times. Weirdly, this all takes place in the same market vortex – it’s a complete paradox when you think about it. Therefore, one could only conclude that everyone’s dream is out there, influenced by the choices you make along the way.

So buy when the time is right for you… and you’ll know when that is.

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Peter Mastroianni is a property finance expert and the co-founder of Loans Only, specialising in investment lending. He is the author of two top-selling real estate books and host of The Rentvesting Podcast. Peter is passionate about supporting the next generation of investors rethink the traditional home ownership model. He does this by championing the 'Rentvesting' strategy through www.rentvesting.com.au.

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