Many of us have a dream of owning our own home. Having someplace to live that we have control over is a wonderful thought, but as with anything, there are definite pros and cons. Before you do make the move to buy your own place, here are a few things to consider.
While it may seem like an odd question as you’re likely already, and have been, paying rent, but the first thing to consider is “Am I financially stable?” Buying a home can bring up a whole host of extra fees that you may have never considered, apart from lawyer fees and down payment. Moving costs, storage costs, as well as the possibility of needing to rent a hotel room if there’s space between the end of your lease, and the closing date on your new home.
Other than the financial aspects of owning a home, comes the need for maintenance. From cleaning gutters to lawn maintenance, as well as fixing odds and ends in and around your home, there is without a doubt going to be work to do. At this point you have a choice to make; will you have the finances to pay someone to do it, or do you have the skills and willingness to do it yourself? Renters enjoy the knowledge that if something in their home breaks, the building owner will take care of it; not so if you *are* the building owner.
Owning your own home, outside of providing you freedom, down the road can also provide you financial security. As you pay off your mortgage and keep it in good standing, you develop something called equity. With that equity, you can borrow against your home for other things like renovations, but also new vehicles, or even vacations. Borrowing against equity is usually done at a lower interest rate than credit cards or loans, which means you can live a more comfortable lifestyle thanks to your home.
Do you have questions about renovating your home, or building a new one? Let us know! We’d love to hear from you.
