Buying a property is not as simple as just buying a place to live in – there is more to it – it can be a form of investment as well as a dwelling. Nowadays, most people are so obsessed with home ownership. But is owning a property a good thing for everyone and should you really become your own landlord? In reality, it’s not always right for every one and there are many downsides to property ownership. So before you even start down the road of purchasing your own property, first ask yourself these few questions:

1. Do I really want to tie myself into a huge debt (a mortgage) for the next couple of decasdes or more and a single geographic location for the foreseeable future? Or do my lifestyle and career choice demand more flexibility?

2. Can I afford – and most importantly – do I want to pay for all the extra costs such as legal fees, building and decorating, repairs, furnishing and the like? You have to worry about all these costs as a home owner, whereas they are normally taken care of by the landlord if you are a tenant.

3. Can I afford a place that I would really like to live now, or should I work hard and save hard for the next year or two to put together a bigger down payment for somewhere that I would genuinely be happy to live in?

If you answer “no” to any of the questions above then you are better off renting for the time being.