Although, owning a house, of your own, is often considered, a fundamental element, of the so – called, American Dream, it might not be, for everybody, for a vast array of reasons! Are you the perfect person, to be a homeowner, or, better suited, to rent? Would home possession, be beneficial for you personally, financially, emotionally, etc, or, would you get overwhelmed, and stressed, by a few of the vital responsibilities? How about the financial aspects, and related, stresses, and strains? With that in mind, this guide will try to, temporarily, consider, analyze, review, and discuss, a few of these pertinent factors, involved, and how, it’s best, to move, with the eyes – wide – open.
1. Financial concerns: How much have you saved, up to now, and are you comfortable, and powerful, and saving, on a consistent, regular basis? Are you confident in your personal job security, and would you, expect, a consistent expansion, on your earning power? Can you really, know, and understand, what’s going to be needed, concerning the necessary, down – payment, in addition to regular monthly installments? What if there are a few unanticipated expenses? Will you be ready, to react, in a seamless fashion, which will reduce stress, etc?
2. Care: When you have, you’re responsible for the maintenance, and upkeep, of the interior and exterior of the house, and home, itself. Can you feel comfortable, possibly doing yourself, or have the financial capability, to have somebody, qualified, capable, and competent, to do so, for you, when required? Other people want to lease, because, either they do not want or feel comfortable with those duties, or are overwhelmed, by them?
3. Pay rent to others, versus, investing in yourself: some might consider that, somewhat, evident, that it is, financially, valuable, to possess, and have, at least, a significant amount of your monthly payments, build equity, instead of renting. However, others, regardless of this, lack the confidence, in knowing their future strategies, or fear, the consequences, of perceived, job insecurity! Where do you fall, along this spectrum?
4. How long do you plan on living there? : if a person anticipates, or is unsure of, their future plans, in terms of, where they will work, or what they may prefer, leasing may be an alternative, to seriously contemplate. However, others think, as, historically, real estate has been, a great hedge, contrary to economic inflation, etc, it may make sense, to buy, instead! Know about the things to consider when buying a house.
The truth is, there’s absolutely no such thing, as one – size – fits – all, when it comes to deciding whether owning or renting, is best, for them. Since, for the majority of us, our home represents our single – biggest, financial asset, does not it make sense, to do, a few, caliber, well – regarded, homework?