The American dream of owning a home has become easier over the years and while we are deeply rooted in consumerism, Americans are looking at things that are making them happier, and homeownership isn’t necessarily one of them. However, buying a home is a great investment if you do it strategically. It’s a large responsibility and is a great financial undertaking and it’s important to factor in your job or career when considering buying a home. So how can buying a house affect your career?
#1. Job transfers might get trickier.
By renting, you can easily pick up and move if your job transfers. If you own a home, your committed to a 30 year home mortgage, even though most people don’t keep the same home for 30 years. However, unless you want to lose money, you should be committed to at least 2 to 5 years in a home.
#2. Job options may be more limited.
When you buy a home, you’re essentially saying you want to build roots at that location. If you are career-focused and driven, homeownership may not be the right option for you. You might need a longer commute to afford the mortgage payment and you may have a family to consider.
#3. Relocation might be trickier.
Again, with renting, the worse you can do is break a six month or 12-month lease, which can cost you money, but is usually less expensive than selling a house. Relocating might be more expensive unless your job pays for it. Luckily, a lot of jobs in the Bellevue and Seattle area have relocation packages, so places like Amazon, Boeing, and Microsoft may have better positions and even pay for relocation depending on the position.
#4. Homeownership is a long-term investment.
Again, if you’re planning on only staying in the place for less than a year, homeownership may not be right, however, as long as you stay in a property for five years or more, chances are the home will appreciate and you’ll have ample equity to either put down on a new home or refinance and cash out.
Homeownership may or may not be for you but it can impact your job, job opportunities, and limit your options so it’s important to understand all of the factors involved. Often people will get a job first and then find a place to settle down once they know they are satisfied with their job and content with their position and income.
Mercer Island, Bellevue, and even beautiful pockets of Seattle are a great option for homeownership, especially those that work and play in our area. Start your search here for all Mercer Island real estate, or browse the website for listings all over the Puget Sound area.