There is no such thing, as a one – size – fits – all reason, or set of reasons, individuals decide, and/ or desire, to buy, a home, of their own. Some do it, because of family needs, others may want to own pets, etc, and others, decide it makes more financial sense to own (than continue renting), and/ or want to live, somewhere, where they might put, their personal seal, on the accommodations, or seek a specific lot of land, etc. These are just, a few of the reasons, but to ensure, one purchases, when it serves their best – interests, and does so, intelligently, and in a focused manner, prospective homeowners should clearly know their personal reasons, thoroughly, and in a somewhat, objective way.
1. Can you afford owning?: Owning a house of your own, requires accepting a far greater degree of personal and financial responsibility, than renting. Renters don’t have to worry about most maintenance items, especially major expenses, etc, but that, all, changes, when one owns. Start by thoroughly considering your present finances, including savings, earnings, debt, and preparedness. Will you qualify for an affordable mortgage? Have you saved, and accumulated significant reserves, in order to be prepared, and ready, for any foreseeable possibility? Wise homeowners put together reserves for repairs, renovations, upgrades, and maintenance, etc, in addition to possessing a mortgage reserve, of approximately 6 – 9 months, equivalence. Since, for most, the value of your house, represents your single – biggest, financial asset, doesn’t it make sense, to proceed wisely, and in a focused way?
2. Area/ neighborhood: When you rent, your lease is for a finite period, so it is rather easy, and straight – forward, to relocate to another locale, if you discover you, either don’t like the particular area, neighborhood, region, or house, or if your life circumstances, change, such as employment, etc. Obviously, since selling a house, is a little more complicated, timely, and less predictable, this should be one consideration, before proceeding.
3. Really want to own a pet or pets: Only a minority of rentals, permit individuals to own pets, and, even, then, must be clearly specified, and is often limited. For true pet lovers, who simply don’t want to be without a beloved pet, it might be one reason to purchase a house.
4. How much land do you want/ need? Some love having a larger lot, either for flowers, gardens, etc. Others want to have place for patios, pools, or convenient places for their pets, to roam. However, others do not want that type of responsibility, and/ or can’t afford to maintain these (Isn’t that one reason, some prefer condominiums?). While some want large lots, others seek somewhat less. Know thy self!
5. Mortgages: Most home buyers purchase houses, with the aid, of a mortgage loan. One consideration is how much you qualify for, and perhaps, equally important, is how much you will feel comfortable paying. Remember, your payment includes principal, interest, real estate taxes (and other escrow items including insurance, etc). Don’t become, house – rich, and life – poor!
Before buying your home, fully consider your needs, desires, wants, and means, and proceed, wisely, and in a way, where ownership will be a pleasure, rather than a stress! Will you proceed wisely, or impulsively?
Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousand, conducted personal development seminars, for 4 decades, and a RE Licensed Salesperson, for a decade+ Rich has written three books and thousands of articles.
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