Although, many feels, owning a home, of their own, is an important component, of the so-called, American Dream , and, this is often true for several, a wise consumer, and potential homeowner, must, consider, thoroughly, whether, owning or renting, is that the better, personal option! There are, both, positives, and negatives, in – terms of those choices/ options/ possibilities, and it’s wise, to thoroughly, examine, which, maybe, best, for them! Which makes the simplest path, for you, renting, or homeownership? With, that in mind, this text will plan to, briefly, consider, examine, review, and discuss, 5 key considerations, and why they’re important.
- Present, existing, cash flow: Realistically, consider, your existing, personal income , and, whether, you’ll afford, all the obligations, needed, to get a house! How will, using such a lot funds, for the down – payment, and a spread of closing costs, as well, because the usual, must renovate, repair, upgrade, and make personal changes, the prices of moving (moving costs), etc, impact your personal temperature ? Will you, risk, becoming, house – rich, but extremely stressed, and tense, etc?
- Future earnings/ affordability: How comfortable, are you, with essential, personal financial planning, aspects, like job security, earnings, earnings – growth, and affordability, thoroughly, being prepared, with all the prices , associated, with, being a homeowner? How will the associated, tax advantages, asset – growth, etc, affect you, and can it, make it a wiser decision/ option?
- Your Credit: Before, beginning, any search, closely, examine, and improve, your overall credit, by addressing, every, possible, aspect, which could adversely, affect, your future mortgage needs, etc! When your credit, is better, it often, becomes a crucial factor, choose , whether, owning, is sensible , for you!
- Personal comfort zone: Two people, who, appear, to be similar, in terms of needs, goals, priorities, affordability, etc, may not, necessarily, be prepared, to form the simplest , personal decision! one among the key considerations, often, is one’s, personal comfort zone, and, whether, home ownership fits – into, one’s personal perspectives, and priorities! Be realistic!
- Short, intermediate, and longer – term needs. priorities: Fully consider, your immediate, short – term needs, and circumstances, also as your expectations, into the future! What does one , believe, your earning possibilities, and probabilities, might be, and the way might they, factor – into, your personal decisions?
Remember, there’s no such thing, together – size, fits – all when it involves making your best, personal decision! Be prepared, and aware!
Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousands, conducted personal development seminars, for 4 decades, and a RE Licensed Salesperson, for 15+ years. Rich has written three books and thousands of articles