When it comes to spending a good chunk of your money, it’s only human to stop and think for a moment. So let’s not rush into the process, and really think about it. Which should you buy first, a car or a house?
Now that you are making enough, or have saved enough to take on big investments, it’s best to take a beat and take it all in. While one might sound more tempting to you than the other, you have to think about it from an investment point of view.
Yes, buying a house is a great achievement, but it comes with great baggage. On the other hand, having a car of your own to commute makes sense, but is it the right purchase with insane traffic and petrol on the rise?
Every situation is unique, and here are a few things you should consider before making your final decision.
Cars Value Depreciate
Cars are known to lose their value as they age, making them a horrible investment for the long run. Until and unless you are purchasing a limited edition, vintage vehicle, or something extraordinary – there is a 100% chance you will lose your initial investment.
Property Boost
Not every piece of property is a gold bar, but a property in the right location can help you improve your life, and offer you a great return in the years to come. Additionally, when you purchase something close to your work, you can easily commute to and from work in no time. Adding these small little adjustments will help add up a great deal, and allow you more free time to indulge.
Passive Income
Purchasing a car can help you earn a little on the side! Working for a car service company, or offering rideshares can help you get a little extra on the side. Moreover, owning your own vehicle allows you the freedom to only take rides you are comfortable with. Furthermore, you can work whenever you are free, rather than having to clock in and out.
Resale Value
Homes are more likely to offer you a higher return on your investment, especially when you make the right decision. The first aspect you need to focus on is the location, space, area, and condition of the home. We suggest getting something that needs a little TLC, something you can do yourself or get done for a small amount. These small touches will help add value to the home, allowing you to add more to your plate than what you began with.
These few tips can help clear your mind, and help you see the best choice for you. Remember, there is no right or wrong choice, you need to choose something that works best for your unique situation, so choose based on your own life, rather than picking something at another’s suggestion.
