Is Homeownership for You?
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.
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| 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!
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| 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!
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