Is home buying right for you?
Is buying a home right for you?
The purchase of a home is one of the most emotional and often the biggest financial decision you’ll ever make, so prepare yourself to make a knowledgeable decision.
Although it almost always seems like a great idea, it’s important to understand what homeownership entails. Being a home owner is something to be proud of, but it also means having to invest money, time, and energy in your property, along with taking on added responsibilities. So, before you decide to purchase your home, make sure you’re completely ready.
Here are some things to consider:
- Financial Security: If housing prices rise, the equity and capital appreciation of your home can provide you with some financial security.
- Stability: Having a place of your own can provide you with a sense of stability, as well as savings – paying a mortgage is always a better investment than paying rent.
- Financial Stress: Coming up with the downpayment, meeting regular mortgage payments, and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
- Maintenance: Keeping your home in proper order requires a lot of time and money – even if the home is brand new and requires no repairs, there are always things like heating bills, property taxes, snow removal, insurance, incidentals such as broken windows, etc.
- Responsibility: You alone are responsible for the maintenance of the property. If something goes wrong with the plumbing, YOU are the landlord. There’s no one else to call.
- Flexibility: When you own the home, you’re free to renovate or decorate however you want to suit your family’s tastes.