How Buying a House Impacts Your Career

Author: Denise Hill / Source: Wise Bread

Buying a home has been a status symbol for a long time. However, shifts in cultural norms and value systems are challenging the notion that owning a home means you’ve “arrived.” Don’t get it twisted, consumerism in America is at an all-time high, but more people are evaluating what really makes them happy.

And the more they search, the more they are finding that happiness isn’t necessarily found in the house with the white picket fence.

Buying a home can be a great investment if done strategically. It’s also a huge commitment, and can financially ruin you if things go sideways. Deciding if buying a home is the right move for you can be tricky. There are a lot of unknowns, but one of the most important factors to consider is your career. Here’s how buying a house could affect your career path.

Your job options are more limited

When you buy a home, you put down roots. Detaching from a rental is so much easier than trying to get out from under a home you’ve purchased. Most rental agreements build in an early exit component. Leaving before your lease is up is expensive, but it’s a lot cheaper and easier than defaulting on a mortgage. Once you pay the fee for breaking the lease — you’re done. There are very few repercussions as long as you honor the agreement.

It’s hard to be ambitious and chase your dreams when you are tied to a home in a particular area — especially if that home is in a rural location far from the city. If you’re career-focused and driven, home ownership may not be right for you at this moment.

Job transfers get trickier

If you don’t like the neighborhood in which you rent a home or apartment, if you’re interested in changing jobs within the same area, or just want a shorter commute, you can remedy these issues easily as a renter. Most rental agreements range from six months to two years, versus the typical 30-year home mortgage. This is especially important in today’s job climate. Large companies are downsizing from large corporate headquarters to smaller satellite offices in multiple areas. If you are transferred to a different area — depending on the new location — you are faced with having to decide between a longer commute, frequent travel, relocating, or finding a new job. Handling a job transfer is difficult as it is, but adding a home…

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