Will Be Homeowner
Owning a home is part of the American dream, a life-long goal for many that can be attainable with proper planning and preparation. It's usually the most costly and important purchase in a person's life, providing the homeowner with unique advantages of independence and a potential profit. However, buying a home can be a demanding enterprise, with plenty of unexpected costs and liabilities coming out of the woodwork at the least opportune moments. If you manage to provide yourself with a financial buffer and are willing to take your time with the whole process, you can easily find a home that fits your budget and lifestyle.
So how do you determine whether or not you're ready to own a home?
First and foremost is always money. Do you have enough saved? Have you worked out a budget you can actually follow? Here are just some of the outgoing expenses you may want to consider:
- Mortgage payment
- Homeowner association fees
- Remodeling costs
- Home repair costs
Your mortgage payment is really just the tip of the iceberg. You're going to have to consider loans, downpayment, taxes and homeowner association fees. And then there's the actual house: Do you anticipate remodeling a kitchen or adding on another bedroom? What if you have your eye on a charming Victorian that's in immediate need of plumbing repairs? As a renter, you may also not be accustomed to the increased cost of utilities, as such apartment perks as free water are no longer a reality.
Owning a home may seem more financially rewarding than renting as you're able to build equity, but it comes with far more responsibility and stress. Being a homeowner is a commitment to not just keeping up with your mortgage, but also maintaining your yard, pest control and even your home's ventilation. It's crucial that you have a plan, are aware of your credit score, have reliable savings and a budget, and remain both patient and open-minded.
Remember to stick to what you can afford and try to remain as informed as possible. Doing both will ensure you're not only prepared, but more likely to actually enjoy house hunting and successfully land your dream home.
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