subject: Financial Considerations When Buying A Home [print this page] Financial Considerations When Buying A Home
One of the most important experiences of your life will be buying your first home. There are some very good financial benefits to owning your own home. In the course of your life, you want the value of your home to appreciate, and historically, they do. The main goal is to see your mortgage at some point in your life, be paid off. Renting is merely tossing your money away, and doesn't go toward bettering your life at all. But mortgage payments put you one step closer to having some financial security.
You need to get your finances in order. Make a full analysis of your financial condition before you purchase your home. Consider what your current budget is, and how much debt you can incur, and set yourself some goals as far as your finances are concerned. Make sure that the expenses that will come from the home aren't going to leave you strapped to the point that you can't save toward retirement or be able to enjoy other things in your life.
Make up your mind that this is the right time for you, and stick to your guns, and commit to following through. Buying a home can be similar to deciding to have children, it may never totally seem like the right time. If you don't see yourself staying in the same place for more than a few years, then maybe it would be a good idea for you to wait on taking this giant leap. If you plan on starting a business, then you may want to stay focused on this first and purchase your home once it becomes a success.
Do yourself a big favor and take the time to do some research. Read some books about home purchasing and get yourself familiar with the entire process. Know what you're getting into before you begin, and you'll not be caught off guard or surprised by some of the things that can pop up. This is good advice even if you've purchased a home before and this is not your first time. The more you understand about the process, the better off you'll be, because your decisions will have more wisdom behind them.
Make a decision and then stand by it. Once you commit yourself to buying a house, stay committed. Be firm in your decisions. There are always people with different opinions who will try to dissuade you from this or that, and can influence you if you're not solid in where you stand. So do your own research, make your own decisions, and do it your way. When it gets down to it, you are the one who has to live with these decisions, not the people who offer their two cents worth about it.
