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Buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a
knowledgeable decision.
Although buying a home almost always seems like a great idea, it is important to understand what home ownership involves. Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.
Here are some things to consider:
Financial Security - If housing prices rise, your home can provide you with some financial security due to capital
appreciation.
Stability - Having a place of your own.
Financial Stress - Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
Maintenance - Keeping your home in good shape requires time and money.
Responsibility - You alone are responsible for payments, repairs and maintenance.
Flexibility - You can decorate or renovate your home to meet your own family’s personal tastes and needs.
Now that you have an idea of what to expect, take out a notepad and list the advantages and disadvantages of renting or
buying a home. This list will help you weigh in the pros and cons of renting and buying and help you determine if home ownership is right for you.
knowledgeable decision.
Although buying a home almost always seems like a great idea, it is important to understand what home ownership involves. Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.
Here are some things to consider:
Financial Security - If housing prices rise, your home can provide you with some financial security due to capital
appreciation.
Stability - Having a place of your own.
Financial Stress - Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
Maintenance - Keeping your home in good shape requires time and money.
Responsibility - You alone are responsible for payments, repairs and maintenance.
Flexibility - You can decorate or renovate your home to meet your own family’s personal tastes and needs.
Now that you have an idea of what to expect, take out a notepad and list the advantages and disadvantages of renting or
buying a home. This list will help you weigh in the pros and cons of renting and buying and help you determine if home ownership is right for you.
As always we are always here to help and can be reached at (250) 862 1806 or by email [email protected]
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
