Ready to be a homeowner?
Although we often refer to owning a home of one’s own to be a significant component/ factor of the so-called American Dream, unless one proceeds wisely, it might become a nightmare instead! Before buying a house, doesn’t it make sense to consider, with objective introspection, whether you are ready and prepared to do so? Homeownership has the potential to be a wonderful experience or a bad – fit, depending on a variety of factors and the specific individual! With that in mind, this article will attempt to briefly consider, examine, review, and discuss six important personal considerations that one should consider when making such an important decision.
1. Personal comfort zone: For most people, the financial asset value of one’s house is their single – biggest economic asset! However, to proceed wisely, you must consider your comfort zone and feel comfortable with your decision! You will probably, not enjoy any home to its total – advantage unless/ until you examine this before you take action!
2. Financial reserves: With the current rising prices, of real estate, in most areas, some examine whether they can afford the monthly payments but may fail to consider essential entirely other financial issues/ concerns because mortgage rates are at (or near) historic lows, it is possible, to purchase, more house, for your bucks, but, rising prices, also, generally, increases other costs, such as necessary down – payments, rising real estate taxes (caused by higher assessments), etc. In addition, potential homeowners need to understand and consider ownership costs and create financial reserves for repairs, renovations, upgrades, significant unanticipated expenses (roof, major appliances, and systems), and unexpected changes in one’s circumstances.
3. Credit Rating: Before beginning your search, for a house of your own, consider, examine, and improve your Credit Rating. Either do so yourself or seek professional assistance.
4. Immediate and more extended-term plans and priorities: Make your decisions based on your immediate needs and preferences, as well as whether you are buying it as a starter – home or one which will be your lifetime companion! Only when you weigh these factors personally will you position – yourself in the wisest way!
5. Where/ neighborhood/ area: Consider your reasons and where you want to live! What do you seek in a neighborhood, region, location, and specific home? Consider this thoroughly because one can make cosmetic changes in a particular house; you can’t change where it’s located/ situated.
6. Transportation/ school/ conveniences – needs: How important is a comfort to specific types/ forms of transportation to you? Which amenities most relate to your personal needs, perceptions, self-enjoyment, and satisfaction with living there?
Before buying a home, be confident that home ownership is for you and that you have all the resources for the process and responsibilities. Are you prepared and ready to do so?