Homeownership works for some but not for others. Asking the question as to whether homeownership is right for you is a very noble and mature place to start when considering home purchase. To clearly assess whether or not you should take on the challenge requires personal reflection on the following areas:
- Current financial status
- Career plans
- Appetite for property management and home maintenance
Your current financial situation can determine whether you are financially capable of sustaining a home or not. In addition, your current financial status can give you an idea as to whether you should buy now, wait for a specified period of time, or continue renting.
|Our trained housing specialists can help you determine your current situation and develop a plan to reach your goals.|
There are numerous instances where mortgage payments are less than the local rents. However, as a homeowner, you also have to consider the expense of taxes, insurances, home maintenance, and other miscellaneous expenses that arise from owning a home. As a renter, you are responsible for monthly rent and renters’ insurance and do not typically have to worry about home maintenance issues. As a homeowner, you serve as the lead property manager of your home and have responsibility of making sure all mechanisms, both inside and out, are functioning properly. This requires times, effort, and in some instances, money.
You can always minimize your frustration in these areas as a homeowner by preparing financially. However, those in a position financial position that does not allow room to prepare for future and current home maintenance issues should always think twice before plunging into homeownership. You will want to make sure that you have the financial capacity to sustain a mortgage payment, home maintenance costs, and other monthly living expenses before deciding on homeownership.
The direction in which your career can take you is full of surprises. Should your career plans consist of future relocation within the next 1 to 3 years, you may want to hold off on homeownership – unless you plan on being a real estate investor who will rent out the property. Be realistic with where you want to be in terms of location, career, and family.
As a renter, you can always fall back on the landlord in most instances to cover maintenance, landscaping, and all other items pertaining to the upkeep of the property. For individuals who enjoy like yard work and fixing “things,” though, homeownership is invigorating!
|A happy new homeowner!|
Homeownership has always been a great way to provide stability for a family and possibly serve as a wealth-building mechanism depending on how you utilize the tax incentives and market value increases. Before diving into homeownership, allow us to help you assess your current situation and provide feedback as to what your options are.
To learn what your options are, contact our HomeOwnership Center at (203) 562-0598 ext. 26, or visit our office at 333 Sherman Avenue in New Haven!