Answer these following questions before buying a house.

Tired of paying rent


4 Question Ask to Yourself 


1. How long are you going to stay in that town or area?

This is an important factor that will allow you to decide between the two options. Do you see yourself living in your city for many more years, probably your whole life? In case you've got a transferable job or you're extremely prone to relocate to a different city for greater job opportunities, then buying a property in your current town of residence could mean that you get burdened both financially and emotionally, as you will be paying an EMI in addition to rent.
If your response is yes and you have no plans of moving from town for the next, say, 8 to a decade in minimum, you may go ahead and explore other elements that will help you choose between renting and purchasing.

2. Can you have sufficient money for a deposit?

Buying a house would be among the biggest investments you ever make. And it is likely that even after putting a large chunk of your savings towards the down payment, you still will need to take a home loan. Thus, before taking a decision to purchase, assess whether you have sufficient funds to make the down payment.

Let's say you have sufficient to make the down payment. Will this have an effect on your other goals? The down payment shouldn't come at the price of any other financial goal like kid's education, retirement planning, and so forth. If that is not the situation, it'd be better to postpone your house-buying choice.

3. To pay EMIs, savings are more important than income

Drawing a massive salary doesn't mean that you would readily have the ability to pay your EMIs. Rather, look at just how much you save each month, following your expenses.
If you can cover the EMI comfortably, without bothering other investments and savings to get separate goals, you could consider purchasing a house. If you can not, postpone your choice until your expenses decrease or savings grow.

4. Can the new home serve your needs?

After considering your budget and affordability, the other important factor to keep in mind is whether the new house meets your family's needs or leads to compromises in your way of life and relaxation. Of course, a certain amount of adjusting is acceptable, but experts believe that you should not make undue compromises merely to reside in his/her own house. But before making the transfer, ensure that the features and conveniences which you need are all present in the home as you might stay there for a decade or even two, or more,".

If the motive is merely a sense that you should reside in your house and you buy what you can afford, then the house may not be comfortable to live in or might not be in the desired location.