There’s absolutely no such thing, as a one – size – fits – all reason, or set of reasons, individuals decide, and/ or desire, to purchase, a home, of their own. Some do it, because of family needs, others might want to own pets, and so on, and others, decide it makes more financial sense to own (than continue renting), and/ or need to live, somewhere, where they might put, their private seal, on the lodging, or seek a specific lot of land, etc.. These are just, some of the reasons, but to make sure, one buys, as it serves their best – interests, and does so, intelligently, and in a concentrated way, prospective homeowners should definitely know their private motives, thoroughly, and at a somewhat, objective way.
1. Can you afford owning? : having a home of your own, requires accepting a far greater degree of personal and financial responsibility, than renting. Start by thoroughly considering your current finances, including savings, earnings, debt, and preparedness. Will you qualify for an affordable mortgage? Have you ever saved, and accumulated significant reserves, in order to be prepared, and ready, for any foreseeable possibility? Wise homeowners put together reserves for repairs, renovations, updates, and maintenance, and so on, as well as possessing a mortgage book, of approximately 6 – 9 months, equivalence. Since, for most, the value of your property, represents your single – biggest, financial asset, does not it make sense, to move sensibly, and in a focused way?
2. Area/ neighborhood: When you lease, your lease is for a finite period, therefore it’s rather simple, and straight – forward, to relocate to another area, if you find you, either do not like the specific area, locality, region, or house, or if your life circumstances, change, such as employment, etc.. Evidently, since selling a home, is a little more complex, timely, and less predictable, this should be one factor, before proceeding.
3. Really need to own a pet or pets: Only a minority of leases, permit people to own pets, and, even, then, must be clearly specified, and is often restricted. For true pet lovers, who just don’t want to be without a beloved pet, it might be one reason to purchase a house.
4. How much land do you want/ need? Some adore having a bigger lot, possibly for flowers, gardens, etc.. Others wish to have place for patios, pools, or convenient areas for their pets, to roam. However, others don’t need that type of obligation, and/ or can’t afford to keep these (Isn’t that one reason, some prefer condominiums?) . Although some want large lots, others search somewhat less. Know thy self!
5. Mortgages: Most home buyers purchase houses, with the help, of a mortgage loan. Remember, your payment includes principal, interest, property taxes (and other escrow items including insurance, etc). Do not become, house – rich, and lifestyle – poor!
Before buying your house, fully consider your needs, desires, wants, and means, and proceed, sensibly, and in a way, where ownership will be a pleasure, rather than a stress! Will you move wisely, or impulsively?