While many people consider owning a home, theirs, to be the American Dream, some people may not be fit or happy to own a home, while others may become wealthy in a home, while still returning the rest of their life more stressful, which is healthy and / or happy. Since, for most of us, our home is our single most important financial asset, doesn't it make sense to be an educated, knowledgeable, and prepared buyer, rather than just an emotional / hopeful buyer? With that in mind, this article will attempt to briefly, identify, consider, examine, and review some of the relevant considerations, in terms of whether home ownership is the best for them.
1. Emotional considerations: Do you want to own a home, for yourself, for the right reasons and purposes, or, do you either, for Keep Up With The Jones, because the idea seems to inspire you? / motivate, or, for some other emotional reason? Are you ready and prepared to take on the responsibilities of home ownership that come with owning a home, such as responsibility for repairs, renovations, exterior maintenance? and interior, etc.? Will owning a home make you feel better about yourself in a positive way? Will owning a home make you a more complete, content, content and secure person? Or will these stresses prompt you to expand your personal comfort zone and will you be ready to do so?
2. Financial considerations: Almost everyone, especially first time home buyers, depends on getting homeowner. a mortgage to afford it. One should address one's credit score / report, carefully, and address any issues that might have a negative effect on getting one's loan. This can be done by yourself or you can receive professional assistance in your endeavors. In addition, a prepared buyer must exercise discipline, to save considerable funds, necessary, for the advance payment, as well as for reserves, intelligent consumers, create, for future needs, as a reserve for repairs, renovations, maintenance, emergencies, etc. It's important to start with a perception of job security, so you're comfortable doing it. Ask yourself if you are handy enough, practical enough to do certain things yourself, or if you will need to hire a professional / expert to get things done. Plus, will this experience meet your current and future needs, etc.
3. Who could want to continue to rent rather than own ?: Owning isn't for everyone, for a variety of reasons. One, of course, is financial / economic and the level of your personal comfort zone. Will the responsibilities make you more comfortable renting out and leaving your landlord in charge etc.? Are you planning to relocate, in the near future, because, if you are, maybe you would be better served by renting? Are you uncomfortable with maintenance and repairs, and / or other aspects of property, or with the possibility of unpredictability?
Home ownership is wonderful, as long as you are prepared financially and emotionally, and really move on with your eyes wide open. Should you own or rent?