For a young graduate starting life, your first asset after the basic furniture in your room is to buy a car. But this is where most of us will always get it wrong, The obsession for car has put a lot of young people in the rat race life. See the advantages of building a house before buying your first car.
- A house appreciates in value while a car depreciates’ A car right from the first day you bought it have been taking already as second hand ,so a car loses its original value the moment it gets out of the garage while the more a house takes long in a place the more the value rises.
- A house is easier to maintain to car, the house maintenance is fixed and requires basic materials to get it done, its maintenance can tarry for a while to allow for the owner to mop up enough cash for the project, in the case of a car, when you see the slighest fault then you need to move to the mechanic immediately.
- It takes longer time to renovate a house, for a car you have to service at most six months.
- Your house can last for lifetime and still stand for centuries especially when built and maintain with good materials. Your car can not last more than 20 years, only on exceptional cases you can see a car lasts longer.
- Money generated from house rent usually rises yearly, but for a car the rentage value will reduce drastically as it adds more years.
- House in a good location is a super money maker, check out the rate at which banks are taking over some of these houses and modify them to their branches. They pay millions to acquire these properties ,hence you can become an instant millionare by just building a house now, wait for 5 to 10 years for development to meet up the place and then sell for millions of naira.
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So find out which one is your highest priority, which one would make the BIGGEST difference in your life today, and go after that.
First of all, I feel for you. That’s not a great situation to be in, and you’re doing a lot already.
So with all of that on your plate, you’re still wanting to do more. Good for you!
Your 3 choices, as you’ve stated:
1) Buy a house
2) Buy a car
3) Establish an emergency fund
Your first step is to find out which of these is the HIGHEST priority. Compare them one to one, like this:
If I could have one right now, which would make the biggest difference in my life: a house or a car?
And then compare that answer to having “an emergency fund”.
We can’t tell you what to do because we are not you. Everyone has different situations.
I live in Paris, and public transportation here is excellent. However, when I lived in Miami, Florida, I needed a car cause public transportation was not very good.
And how can we tell you to not care about what your friends think of you? It’s not easy.