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Grow Your Own, Be Sure

Assessing Your Readiness to Own a Home

Despite the fact that it is every person’s dream to own their own home, not everyone is that ready and prepared to have one. Home ownership requires a lot of things from you as a potential home owner. That being said, there are some people who still take most home ownership elements for granted. There are some, though, that try to learn more about these things before they go about preparing themselves to own their own home. Though a lot of people already have the means to buy their own home or have a new home built from scratch, they may not yet be ready to shoulder the burden and challenges of being a home owner. If you happen to be thinking the same way and are wondering if you must own your own home right now, then you have come to the right place. Here you will find some of the few important things that you must to consider to assess your readiness to own a home.

1. Uncertainties, stresses, and tensions: Even if some people may be financially capable already of buying their own home, not being responsible for a lot of things that go on in home ownership has made them choose renting over owning. A lot of responsibilities are involved in having your own home such as your monthly bills, maintenance work, repairs, and the like. If you are not yet ready to deal with all of these things and more, then you will never find personal satisfaction when you live in your own home. Though lives are bombarded with uncertainties and stresses, there are some that cannot just deal when these things happen as they now own a home.

2. Financial: Renting a home does not require a serious amount of financial responsibilities on your part no matter what your housing needs, considerations, and requirements are. The basics of renting is fairly simple; whatever your rent is your rent. And the housing cost variables are just a few in comparison to owing your own home. The thing about owning a home is that there will be bigger financial requirements and commitments needed on your part. These include setting aside a great deal of money to expand your comfort zone and have funds for your mortgage requirements, down payments, and monthly commitments. Also, you have to deal with some reserves meant for unexpected expenses, maintenance, renovations, and repairs.

3. Maintenance: Renting implies that when some facilities or parts of your rented place need some repairs or maintenance, your landlord will have them covered. When you own a home of your own, however, you will become your own landlord. This means that you have to take care of all maintenance requirements of your home that can cost you a great deal of money.

4. Location: The thing about renting any property is that if you do not like the location anymore or some other things that you have in mind, you can easily end your term and move to another place. Though as a home owner you can freely move to the location of your choice, you need to understand that it will not be as easy as moving out from a place that you have just rented. You may have to deal with market conditions, the long process involved, and more.