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Is Buying a Home the Right Thing for you to do?

Home ownership is known as the American dream, and many of us would like to have a place to call our own. Restricted by landlord’s rules, we may think that life would be more pleasant, private, and unrestricted if we only could buy our own place.

But we only have to read the news about the millions of foreclosures last year to see that everything does not work out as planned for may families.

You may see signs that advertise mortgages that cost less than your present rent. But consider your rent. That includes just about everything, including repairs and taxes. You may buy renters insurance but that is usually pretty inexpensive since it only covers your personal property.

Costs of Home Ownership:

• Down Payments are usually required these days. If you cannot afford a down payment you need to question your ability to afford a home anyway. Besides, it is nice to move in with some equity already established.
• Taxes cost thousands of dollars a year, and they are a set percentage of your home value. It is very important to consider these property taxes before you purchase your home. You may pay them with your mortgage payment every month, or you may have to pay them once a year. Either way, they come out of your budget.
• Homeowners Insurance can also cost a few thousand dollars a year, but most people need it. In fact,, if you carry a mortgage on your home, your lender will certainly require it.
• Repairs are inevitable.  You need to make sure you have the cash or credit to afford upkeep and repairs to your house.
• Upkeep goes along with repairs. Lawns must be mowed and rooms must be painted. You would not enjoy your home if you could not keep it in good condition.

I am not trying to discourage anybody from buying a home. But you need to analyze your current financial situation before you make such a huge investment.

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