Buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a knowledgeable decision. When we know better, we do better. Do your research and make informed decisions.
Although buying a home almost
always seems like a great idea, it is important to understand what
homeownership involves. Being a homeowner is a proud accomplishment but it also
means having to invest money, time and energy and take on added responsibilities.
So, before you decide to buy a home, make sure you’re ready.
Here are some things to consider:
• Financial Security. If housing prices rise, your home can provide you with some financial security due to capital appreciation. The equity built in your home can be taken out or used as a secured line of credit.
• Stability. Having a
place of your own gives you a sense of permanence as opposed to the
displacement some renters feel. There is security in knowing the home belongs
to you.
• Financial Load. Coming
up with the down payment,
meeting regular mortgage payments and other ongoing costs will tie up a lot of
your cash, and can put considerable stress on your finances. On a positive
note, you are building your own equity which can’t be done through renting.
• Maintenance. Keeping
your home in good shape requires time and money. Pride in ownership can be
cashed out when it’s time to sell. A well kept home is most appealing to
buyers.
• Responsibility. You
alone are responsible for payments, repairs and maintenance. But this gives
control, power, and leadership to do as you wish (within legal boundaries).
• Flexibility. You can
decorate or renovate your home to meet your own family’s personal tastes and
needs. Most condos may have restrictions on color of window coverings, pets,
noise, etc.
Now that you have an idea of what
to expect, it’s important to work with someone that understands homeownership
is not for everyone. To find out if owning a home is right for you, contact me
at 647-308-5148. If busy, send a text!
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