Buy A House or Start A Business Amidst Pandemic?

One of the tough choices we come across as we reach a certain stage in life is whether to buy your own house or start a business. Both sounds like a great idea but choosing which one to do first especially during the pandemic makes us hold back on making any decisions.
How do you know if you’re ready to buy a property? Here are a few considerations according to Lamudi

Financial Stability

No, this isn’t just about how you’re living comfortably right now where you get to eat 3x a day or currently have no loans. It’s about having substantial cash ready for downpayment and other upfront costs like maintenance fees and even taxes. Taking the pandemic into consideration is a must due to possible sudden health expenses that might affect your capability to pay for your house.

Your Reason for Buying 

You can’t just simply decide to buy a house just because your peers are one by one getting settled and buying their own place. You need to have a personal reason and goal such as for retirement, for your family, or as an investment. It takes a lot of responsibilities to buy a home so knowing your reason in doing so can help you get motivated.

Obligations

The idea of getting your own house for yourself or for your family is exciting. This comes with a very big responsibility as a home mortgage will make you do a lot of adjustments in your lifestyle, expenses, and savings. I like to always plan ahead that’s why I would sometimes use a mortgage calculator to assess if I can take on the monthly payment, the interest, and how many months/years to spread out the mortgage.

When is the best time to start your own business and what are the important factors to consider?

There’s No Right Time

If you keep thinking when would be the right time to start your own business then you’ll most likely end up thinking of reasons not to get started which could take months if not years. There’s only so much we can control as much as we want everything to be perfect the first time. What’s important is getting started and making it happen.

Failure Will Most Likely Happen

Most businessmen didn’t get successful the first time they tried to start their own business. In fact, the likelihood of failure on your first business venture is higher than succeeding. What’s important though is the experience and knowledge you’ll get that will help you learn how to better manage customers, the market, and everything that a business needs to survive.

Dedication

Getting started might be the hardest part but pursuing your goals and vision on what you want to achieve is no simple feat. Investing money into your business is just as important as your dedication towards making it a success. Time, Effort, and Perseverance will play a big role in how your business will turn out.

Which one to start first? We’re absolutely not sure. The popular opinion is to start a business first because you will earn profits but there are definitely risks and possible losses. Buying a house can be a form of investment as a land value will always be in an uptrend but what if something happens that leads to being unable to pay for mortgages? One reason why you might consider getting Insurance.
There are risks and gains on both of these life-changing decisions. Planning ahead, learning, and grit are what make the difference. 5 years from now do you see yourself being the boss or having your own house?

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