Is Buying A Home The Right Choice For You?
Not everyone is cut out to be a home owner. Some people can't handle the responsibility, while others just can't afford it. It is important to deeply consider the idea of buying a home before you dive in and do it. This article will help you decide if home ownership is really right for you.
The first step is to consider your personality. Are you a highly responsible person? Do you excel at organization? Are you good at dealing with problems? Houses come with roofs, basements, furnaces, windows, fences and all sorts of other parts which can break down, leaving you in the lurch. If you are willing to tackle all of these situations with gusto, then home ownership may be for you.
Next, how are your finances? Are you good at keeping them under control? Is your debt relatively minor? Is your credit score exceptionally good? If you have bad credit or a lot of debt, you won't be able to secure a mortgage to be able to buy a home at all. If you aren't great at keeping your money in order, then paying for the home itself and all of the problems which crop up there won't be possible for you. You are likely better off renting.
How much extra time do you have on your hands? A house needs a lot of care to stand up to the stresses of time. You'll have to paint it, clean the windows, cut the grass, trim trees, reseal your driveway, make repairs, complete renovations and clean, clean, clean. From top to bottom, you will find a million projects await you when you buy your home and every day thereafter. Unless you have time to dedicate to all of these jobs, a house isn't for you.
Will it cost you more to rent or own a home? The fact is that buying a home can sometimes save you money over renting. You are able to control your environment which may mean you don't have to buy extra appliances, such as a portable air conditioner or humidifier. You may pay less in utilities and on your mortgage when you buy as well. Do the calculations and figure out which option will save you the most money while also offering you the greatest rewards.
Are you willing to change locations? Depending on where you live, you may only find homes within your price range farther away. That may make the drive to work or to see family and friends extremely long. You have to decide if that additional time spent traveling is worth owning your own house. Be sure to consider everywhere you go, from the kids' classes to you doctor's office.
Now that you know the answers to all of these questions, you are prepared to make a sound decision on your future. Whether you choose to buy a home or not is up to you. Be honest with yourself so you don't end up in a hole you can't dig yourself back out of.
