There, often, comes a time, when one must decide, if, and when, he should buy, a home, of his own! Since, for most of us, our house represents our single, largest, financial asset, shouldn’t this be done, with a considerable amount of thought, examination, and proceed, accordingly? This means, considering many aspects, including financial, personal needs and priorities, family issues, safety, neighborhood, school system, transportation, and other conveniences/ factors. With that in mind, this article will attempt to briefly examine, consider, review, and discuss, some of these, and why they matter.
1. Financial considerations: Obviously, one should only purchase, a house, which they can afford, so the home, becomes a pleasure, rather than a threat, and undesirable scenario! Can you afford the down – payment, closing costs, etc? Do you have the ability, to pay the monthly expenditures, associated with paying a mortgage, real estate taxes, escrow items, etc? Will you also, be able to comfortably, afford, creating the reserves, smart homeowners, should, including, for repairs, renovations, upgrades, and emergencies? Many lenders expect borrowers to demonstrate, they have liquid assets, to cover, 6 – 9 months, equivalent of their mortgage payments.
2. What type of house?: Consider, the size, house, you seek, and, also, what you need? Will one style of house, be better for you? Those who don’t wish to, or have difficulty, climbing stairs, for example, prefer Ranch houses. In most parts of the country, Colonial style, is, most, in – demand, and thus, most expensive. Know what you want, and your reasons, before you begin your search and quest!
3. Area; neighborhood: What determines where you would like to live? Why choose one, specific region/ area/ neighborhood? Consider factors, such as convenience to transportation, safety, school system, and other conveniences, etc. Walk around, speak to residents, and determine, if it’s the place, for you?
4. Should you own, rent, live in a HOA, cooperative, condominium, etc?: What might be, best, for you, may not, be, for others? Are you ready to be a homeowner, or would you be better – served, by renting? Some people are better suited to live in a Homeowner’s Association or HOA, because, they aren’t willing to perform certain necessities, etc. Others seek cooperative apartments, because they believe, it provides them with a balance, between renting and owning. In a similar manner, condominiums are best, for others.
Know what you want, what might work, best, for you, and what they can afford, and be comfortable, with! Take the time, make the effort, and proceed wisely!