While
we often, refer to, home ownership, as a core component, of the
American Dream, it’s important, for us, to take a realistic look, at the
obligations, and necessities, involved, if this is, to truly be a
dream, instead of a potential nightmare! Before embarking on this house –
hunting, process, carefully, introspectively, objectively, examine and
consider, your personal reasons, persona, what makes you happy/
satisfied, and whether, it’s a good course, for you. After, you’ve
determined, what’s best, for you, and know, what you want, it’s
essential to clearly consider, and examine, what you might be able to
afford. This means, proceeding, in a responsible, well – planned, and
considered manner, focused, on preparing for the many contingencies, of
home ownership. With that in mind, this article will attempt to briefly
consider, review, and discuss, a few steps, which should, both reduce
unnecessary stress and hassle, and maximize the potential enjoyment!
1. Reasons for buying that house: Why
do you want to buy, any specific house? Does it meet your present
needs, and into the future? Or, are you looking, at a shorter – term,
and want to live, there, for a shorter – span, and, then, relocate, when
needed and necessary? Are you the type of person, who enjoys moving, or
would you rather, remain in your present quarters? What are your needs,
goals, and priorities, in terms of location, neighborhood, schools,
costs, transportation, conveniences, etc? Why, this house?
2. Down – payment: Do
you have the necessary funds, to have the down – payment, while
avoiding, placing too much stress, on yourself, because of using these
funds? Smart homeowners prepare, and make their journey, far less
stressful!
3. Needed reserves: The best way, to
proceed, is to put together, several reserve funds, in order to ease
your way, forward! Once, you’ve purchased your house, most people face
monthly fixed expenses, which includes mortgage payments (including
principal, taxes, and escrow items, such as insurance, etc), utilities
(electric, heat, telephone, television, internet, etc). Realize, owning a
house, requires preparation, for affording the costs of regular
repairs, including appliances, heating, water, etc. Create a reserve
fund, for this specific area. Also, realize, houses require attention,
and certain items, have useful lives, and will need replacing, such as
roofs (rated from 20 – 40 years), appliances (including washer, dryer,
refrigerator, oven/ stove, dishwasher, etc), painting or power –
washing, etc. At some point, many realize, their house needs certain
upgrades, renovations, etc. The better prepared, the easier this
process!
Financial Considerations Of Home Ownership
September 21, 2019
Real Estate
Comments Off on Financial Considerations Of Home Ownership
admin
While we often, refer to, home ownership, as a core component, of the American Dream, it’s important, for us, to take a realistic look, at the obligations, and necessities, involved, if this is, to truly be a dream, instead of a potential nightmare! Before embarking on this house – hunting, process, carefully, introspectively, objectively, examine and consider, your personal reasons, persona, what makes you happy/ satisfied, and whether, it’s a good course, for you. After, you’ve determined, what’s best, for you, and know, what you want, it’s essential to clearly consider, and examine, what you might be able to afford. This means, proceeding, in a responsible, well – planned, and considered manner, focused, on preparing for the many contingencies, of home ownership. With that in mind, this article will attempt to briefly consider, review, and discuss, a few steps, which should, both reduce unnecessary stress and hassle, and maximize the potential enjoyment!
1. Reasons for buying that house: Why do you want to buy, any specific house? Does it meet your present needs, and into the future? Or, are you looking, at a shorter – term, and want to live, there, for a shorter – span, and, then, relocate, when needed and necessary? Are you the type of person, who enjoys moving, or would you rather, remain in your present quarters? What are your needs, goals, and priorities, in terms of location, neighborhood, schools, costs, transportation, conveniences, etc? Why, this house?
2. Down – payment: Do you have the necessary funds, to have the down – payment, while avoiding, placing too much stress, on yourself, because of using these funds? Smart homeowners prepare, and make their journey, far less stressful!
3. Needed reserves: The best way, to proceed, is to put together, several reserve funds, in order to ease your way, forward! Once, you’ve purchased your house, most people face monthly fixed expenses, which includes mortgage payments (including principal, taxes, and escrow items, such as insurance, etc), utilities (electric, heat, telephone, television, internet, etc). Realize, owning a house, requires preparation, for affording the costs of regular repairs, including appliances, heating, water, etc. Create a reserve fund, for this specific area. Also, realize, houses require attention, and certain items, have useful lives, and will need replacing, such as roofs (rated from 20 – 40 years), appliances (including washer, dryer, refrigerator, oven/ stove, dishwasher, etc), painting or power – washing, etc. At some point, many realize, their house needs certain upgrades, renovations, etc. The better prepared, the easier this process!