There are important questions that you need to ask yourself to determine if you will make a good home-owner and if home ownership is right for you and your family at this time.
Can You Afford It?
This is one of the major questions that must be addressed when you are making the decision to purchase a home. In order to purchase a home, you will need to have saved a substantial sum of money in order to make a down payment on the property you have chosen. Plan on having at least 20 percent of the purchase price as a down payment. You also need to deter-mine if you have enough income to afford the payments on a home. A mortgage company will not want your house payment to exceed 28 percent of your income.
When considering whether or not you can afford to become a homeowner, keep in mind that there are additional items that are required as part of your monthly payment that are not part of a rental payment. For instance, you will be required to carry homeowner’s insurance at a level high enough to pay off the home loan in case of a loss. Also, property taxes will have to be payed on the home. In some states, property taxes are extremely ex-pensive, and property taxes can vary greatly within a state.
Are You Ready For Lawn Work?
Part of owning a home is keeping up with all of the lawn work. When you live in an apart-ment or condominium, this type of work is handled by someone else. As a homeowner, lawn maintenance is up to you. You either do it yourself, or you pay to have it done. Proper lawn maintenance involves more than just mowing the yard once a week. Lawns must be fertilized, trees and shrubs must be trimmed, and all of the yard’s vegetation will need to be watered in the dry summer months. All of this is another added expense that needs to be calculated when con-sidering if you can afford to own your own home.
Can You Maintain Your Home?
You won’t just have to keep the lawn looking nice when you become a homeowner. There are constant upkeep issues involved in owning a home. All of these come with varying levels of expense even if you do some of the work yourself. For instance, when renting and the appliances go bad, you can call the landlord to fix them. It’s all up to you when you own your own home. All home repair is your responsibility.
One of the main areas of upkeep on a home is the exterior. The house will have to be paint-ed every few years. Approximately every ten years, you will have to put on a new roof. Furnac-es, hot water heaters, refrigerators, stoves and plumbing all need to be repaired and replaced during your time as the home’s owner. You need to ask yourself the question if you are ready to do all of this mentally, physically and financially.
Being a homeowner is very rewarding. If you have asked yourself some of these questions, and you feel that you have the resources to be a homeowner, then by all means do it. One of the big advantages of owning is that you will build equity for the future. Research the market thor-oughly and find the best deal on the home that you have always wanted.
|__________________________________________________________|
home remodeling surprise
find out where it might go - new win
Helpful article? Leave us a quick comment below.
And please share this article within your social networks.
