Considered a symbol of financial prosperity, purchasing a home has long been seen as an person’s way to success. The American Dream has put owning a home at the top of the average American’s bucket list of things they want to secure in their future. But what the glorified perception of owning a home doesn’t show people is how committing to something expensive and long term affects your professional life in a positive way.
Your career and home ownership
No, buying a house won’t cause you to get fired from your job. But it would pose a lot of implications on how you’ll decide when it comes to your own career.
Granted owning a home can make a person happy. But considering other factors that are equally important as career and financial stability should also be a priority.
If you’re thinking of buying your first residential property, be it through securing a mortgage or paying in full, think about how a permanent move will affect your career choices.
Your career is just as important as your home, probably even more, because you’ll probably be getting the money you’ll be paying your property with from what you earn from your job.
What should you consider career-wise?
Before diving into that big purchase that will keep you tied up to pay for a minimum of five or 10 years, consider these five factors related to your professional life:
1. You’ll be faced with limited job options.
Buying a residential property automatically equates to putting your roots down, preventing sudden life decisions. You can’t simply leave your home when you need to move to a new city for that shiny new job you’ve been dreaming of.
Breaking away from a rental lease is so much lighter than leaving a home you’re still making monthly payments for. Due to you being unable to relocate easily, you’ll be faced with job options that are close to where you live.
The good thing, however, is that you’re close to where you work. Driving or commuting won’t be as expensive compared to when you didn’t live close to your workplace. If this is already a good thing for you, then a home purchase isn’t such a bad idea.
2. Job transfers won’t be easy.
There it is, the big promotion you’ve been dreaming of ever since you got settled into your job. But there’s a stomach-churning catch —you’ll be designated to a different place to receive the promotion. You can easily accept the promotion, especially if the offer is appealing and won’t have to worry about a property — if you’re renting.
But if you just signed a mortgage contract and the promotion comes up? You may be forced to say no. That would hold you back, but know that the opportunity wouldn’t be the last time you get that type of opportunity. It’s fine to pass up on something when you know you’re not fully ready.
3. Relocating can be stressful.
Deciding whether to catch an opportunity with your hands but sacrifice some other things to keep your catch can be dreadful. It’s something that can keep you up for days, especially if you have something as serious as a home loan. And reselling fast isn’t an option.
Your career advancement can be impeded by committing to owning a home. But that shouldn’t stop you from owning one when you know you’re ready to settle in a single place and a steady career.
Relocating isn’t always related to a career; it can also be related to your family and other relationships. That’s why a home purchase should be thoroughly thought through before signing and finalizing anything.
4. You may get comfortable.
Prior to a home purchase, you were full of grit and passion for what you do. Even if you don’t admit it, owning a home doesn’t only affect your financial status, but also how you perceive the things around you. Including your career.
You may feel like you’ve landed on a place where you’ve always wanted to be; that you would start to let your dreams of achieving more wither away. But that isn’t the case for everyone, you may be even more motivated after buying a home because you finally have a tangible representation of all the hard work you’ve put in over the years.