Many people consider, home ownership, as a key component, of the so – called, American Dream, but, qualified, wise, potential home buyers, thoroughly, consider, several factors, in – depth, from the onset, to ensure, it doesn’t become, a nightmare, instead of a dream! There is, far – more, involved, in this process, than, merely, considering, specific details, about a certain house, and, whether, it might, be the right one, for you, and your family, etc. In many cases, the overall happiness, and satisfaction, one gains, from this process, is largely, dependent, on several personal factors/ considerations! With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 things, wise, prepared, home buyers, thoroughly, consider, from the onset.
1. Your personal comfort zone: Each person has a personal comfort zone! Some are better – able, to cope, with stresses, and strains, and potential impacts/ ramifications, of home ownership! Some may be, more – fit, to rent, because, someone else, has to worry, about, what does, and, might, go wrong! As, a Real Estate Licensed Salesperson, in the State of New York, for over 15 years, I usually, thoroughly, discuss, this, with potential buyers, to ensure, they are ready, for the process. In addition, there are, often, several stresses, and tensions, which, occur, during the real estate transaction period, and wise, potential owners, do, all they can, to be, as comfortable, and prepared, personally, ac possible, from the onset, and throughout!
2. Address your credit: One’s personal credit, including the details of their Credit Report/ History, and score, have a significant impact, on, the ease, and costs, of, using a mortgage. Since, most people, rely on this, for, a significant part of their payment, doesn’t it, make sense, to proceed, wisely, and in, a prepared manner?
3. Down – payment factors: In most cases, it takes a down – payment, of, approximately, 20%, to purchase a house, before using a mortgage, for the balance. Many people, put, more down, and some, less! Do you have the available monies, easily available, to do, so (Remember, on a $500, 000 house, it would represent, $100, 000, etc)? Where would you draw, those funds, from? How would you feel, using, that much of your available capital?
4. Reserves: Wise individuals, realize, they will need, several reserves, to be prepared, for owning! Some of these, include: repairs; renovations; upgrades; appliances; utilities; etc. The better one prepares, the less stressful, the process!
5. Your needs, goals, priorities, etc: How much, house, and property, do you want, and how much, do you need, for your personal needs, goals, and priorities? Would you want more property (which might cost more), and be prepared, for the additional maintenance, and up – keep, etc? Will you align, being home – happy, with your personal comfort zone, requirements, etc?
If, you want, buying a home, to be, as comfortable, as possible, be, as prepared. as possible! Are you ready, for home ownership?