Although, many people consider owning a home, of one’s own, as the American Dream, some individuals may not be suited, or happy, being homeowners, while others may become house – rich, while making the rest of their lives, more stressful, than is healthy, and/ or happy. Since, for most of us, our house represents our single – biggest, financial asset, doesn’t it make sense to be an educated, informed, prepared buyer, rather than, merely an emotional/ hopeful, one? With that in mind, this article will attempt to briefly, identify, consider, examine and review, a few of the relevant considerations, in terms of whether home ownership, is best, for them.
1. Emotional considerations: Do you want to own a home, of your own, for the right reasons and purposes, or, are you doing so, either, to Keep Up With The Jones’, because the idea seems to inspire/ motivate you, or, for another emotional reason? Are you ready, and prepared, for the responsibilities of home ownership, which go along with owning a house, such as responsibility for repairs, renovation, exterior and interior maintenance, etc? Will owning a house, make you feel better, about yourself, in a positive manner? Will being a homeowner, make you, a more – complete person, self – satisfied, pleased, and secure? Or, will these stresses, make you expand your personal comfort zone, and will you be ready to do so?
2. Financial considerations: Nearly everyone, especially first – time home buyers, depends on securing a mortgage loan, in order to be able to afford to do so. One must address his credit rating/ report, carefully, and address any issues, which might have a negative effect on securing his loan. This can be done, by yourself, or you can receive professional assistance, in your efforts. In addition, a prepared buyer should exhibit the discipline, to save considerable funds, needed, for the downpayment, as well as for the reserves, smart consumers, create, for future necessities, such as a reserve for repairs, renovations, maintenance, emergencies, etc. It’s important to begin with a perception of possessing job security, so you are comfortable with proceeding. Consider, whether you are handy, enough, to do some things, yourself, or whether you will need to hire a professional/ expert, to get things done. Also, will this experience, address your current and anticipated future needs, etc.
3. Who might want to continue to rent, instead of own?: Owning is not 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, and having your landlord remain responsible, etc? Are you considering relocating, in the somewhat, near future, because, if you are, you might be better served, renting? Are you uncomfortable with the maintenance and repairs, and/ or, other ownership – aspects, or with, the possibility of unpredictability?
Home ownership is wonderful, as long as you are financially and emotionally prepared, and, really, proceed, with your eyes, wide – open. Should you own, or rent?