One of the most complicated decisions, as well as the most essential ones, is that of owning a home, and how to determine if it is right for you, as well as the benefits, challenges, obstacles, etc. to do it! Are you prepared, financially, emotionally, etc., and does owning a home meet your personal needs, goals, and priorities? With that in mind, this article will attempt to briefly review, consider, and discuss some of the key considerations that every potential homeowner should be aware of and consider.
1. Finance: Some only consider whether owning makes more sense than renting, but there are many more financial considerations to take into account. While owning a home of your own is certainly the American Dream, it is wise to fully consider whether you are ready for the commitment and responsibilities that come with it. Can you qualify for the best mortgage and do you have the financial ability to comfortably own a particular property? Too many people focus on buying a home, whether they can afford it or not, while the wisest and best prepared consider the monthly maintenance charges, including mortgage interest, principal and taxes, security deposit, etc., but also, the associated costs of owning a home. This includes having the financial reserves to pay for repairs, renovations, and other contingencies that every homeowner faces, at one time or another.
two. Personal Responsibilities: Owning a home, one’s own, requires being ready, willing and able to attend to all the needs. This does not mean that you have to be able to fix things yourself, but rather, face the facts and know how to do things, in the most appropriate matter. Wise homeowners create lists of competent professionals they can count on, including handymen, electricians, plumbers, etc., so they’re able to fix things and address issues before they become major issues.
3. How much house can you afford?: Don’t let your ego, or keep up, with the so-called, jones, they force you to buy a house that you cannot comfortably afford, while you are sure to buy one that meets your needs, goals, and priorities. Make sure you can avoid any emotional attachment, instead of just looking for a logical decision that will reduce your stress and satisfy your needs in a satisfying way!
Owning a home can be a big decision, or one that creates unwanted stress, so approach this with your eyes wide open. Is home ownership, and a home in particular, the best decision for you?