While this is often seen as a major component of the American Dream, not everyone is prepared and ready to own their own home! Homeownership has many elements and aspects, but normally very few people take the time or effort to make sure they are ready and prepared to proceed. , with wisdom and in their best interests! While there is no one way to go about it and make the best personal decision, since for most of us the value of our home is our only individual financial asset, the largest, there are many. people, who might not want to take responsibility, etc. With that in mind, this article will attempt, to review, review, identify and discuss, if you are ready and ready to become a home owner.
1. Tensions; stress; uncertainties: Some people don't want to take ownership responsibilities, preferring to rent so someone else is responsible for maintenance, repairs, etc. What is the point of living somewhere if it doesn't make you happy and personally satisfied? While there are always stresses and uncertainties in life, not everyone might want to face some homeownership-related issues!
2. Financial: When one rents, rather than owning, he knows and understands with enough precision his financial considerations, housing, his needs and his requirements. Rent is his rent, and there is little of it, the cost of housing – variables, in rental, as there is, in property! In addition, some are also not ready, willing and / or able, financially, to prepare in advance for the financial commitments and demands at stake. This includes saving enough. , to expand your personal comfort zone and have the necessary funds for the down payment, mortgage requirements, monthly commitments and necessary reserves, for repairs, renovations, l & # 39; maintenance and unforeseen expenses.
3. Maintenance, etc .: When renting, the owner is responsible for most of the costs involved! However, when you are a homeowner you become your landlord and therefore you have to grow and prepare yourself, to be as ready as possible for costs, expenses, etc.
4. Location: While you usually rent with a one year lease if you don't like the location etc at the end of the term you move out! While an owner can do the same, it is often more difficult due to market conditions, process, involvement, etc.
These four topics are just a few of the considerations. While owning is something more desirable and sought after, there are a few, for whom, it may not be for!