How buying a house affects your career Buying Guide

Buying a home has been an indication of financial stability. If one plans properly then buying a home can be a great investment. We all know owning a house requires huge dedication but it can ruin your financial stability if things go sideways. There are many aspects that one needs to focus on before investing in a house but one of the most important factors to consider is your CAREER.

Here’s how buying a house could affect your career growth!

When you buy a home, you seem to settle down. You will search jobs keeping in mind the travel time. Detaching from rental is easier than getting out from a home that you've purchased as you don’t connect emotionally with the house. Leaving before a lease is expensive but cheaper & easier than being mortgage drowned. If you're career-focussed and seem to not compromise on the job location then home ownership may not be right for you at this moment.

If you don’t like the residing neighborhood in which you rent an apartment due to certain reasons or you’re interested in changing jobs within a particular region or just want a shorter commute then you should definitely invest in buying a home. But if you are transferred to a different area — depending on the new location — you’ll have to decide keeping in mind certain parameters like commute, relocation, or finding a new job which will limit your job opportunities no matter how big the company name or the package is!

Finding a new job has been modernised to another level, thanks to the INTERNET! Let's say ‘that dream company is currently hiring’ and you’re a perfect fit for that role. You interview for the position and you're offered a job running a division in Vashi, Navi Mumbai. However, you live in Mira Road, Western Suburbs and you purchased your first home 18 months ago. Your one way commute time is 2 hours and it requires you to switch 3 local trains or mid-way change your mode of transport, so what do you do?

Clearly, you will say goodbye to that opportunity that was knocking on your door. Just because you can afford a home doesn't mean you should buy it. The hassle of buying and selling can wreak havoc on your finances as well as ardently if you aren't careful.

Many people still consider homeownership to be a good long-term investment. Owning a home can be a great way to invest some of your money — but it shouldn't necessarily be viewed as a solid long-term investment or a reliable one.

Many factors cause a house value to either appreciate or depreciate which are beyond any buyers reach. Just because a house is cute, has a  great appeal, looks classy in a posh locality doesn't guarantee that it will hold its value and appreciate over time. You have to consider the neighborhood, natural disasters, construction quality, future development plans, and a list of other factors.

The thumb rule of investing in anything is to branch out and spread that money over various solid investments which would tend to be a better long-term catch than plunging into a property. Also, traditional investments won't impact your career negatively as you continue earning interest on the investments done, no matter where you move or change careers.

Owning a house seems to be a financial investment whereas owning a home is more of an emotional one.  How you think and process your feelings directly impacts your career and financial decisions. It can become very hard to demolish your roots once you own a home. As a home becomes a symbol of safety, security, love, it provides a sense of belonging. It might let you to be in a job that might not interest you anymore  or you don't see yourself growing. You may find yourself becoming more and more risk averse, because the home gives you a reason to stay put. You'll slowly begin to lose that hunger and tenacity that makes you strive for success. Being able to take calculated career risks, such as quitting a dead-end job, starting your own business, or relocating to take a better job will make your career alive and thriving.  One has to settle down some day, if owning a home is something you've dreamt of and you have envisioned yourself owning one in the near future then go for it! But doing your homework is a must because it takes more than money to own a home!