Analyzing the Basic COSTS of Homeownership
While homeownership is often viewed by most as an important component of the American Dream, if one wants to ensure that it remains a dream, rather than a nightmare, it makes sense to analyze, understand, consider, and be prepared for the COSTS of owning a house, of oneself! There are many aspects and considerations, including the original (source) needs, such as the money needed for a down payment and associated closing costs, to the initial alterations (whether major or just minor and cosmetic, such as paint, refinish, -floor finishing, etc), for future needs, and reserves, necessary, for realities, such as reforms, renovations, repairs (structural and/or appliances), etc. With that in mind, this article will attempt, briefly, to consider, examine, review and discuss, using the mnemonic approach, what some of these may be, and why, a smart homebuyer is someone who is prepared, and aware!
1. character; condition; continuous: Will you buy, a call, fix – top, where you pay a lower purchase price, but will have to do more work/alterations, or, one, which may be closer to, move to the right? The current condition of the home and the specific character you are looking for are significant factors! Be prepared to meet and realistically prepare for current, ongoing, and potential needs and other financial considerations!
two. Options; optional; organized: A benefit of a prepared and organized approach to the process! Know what options you are looking for and want, and which are the highest priorities! When one differentiates the optional needs from the true ones, it is easier to make the right decisions!
3. Systems; Service; solutions; timeline: Before you buy any property, have it thoroughly and carefully examined by a professional inspector or engineer and thoroughly reported on strengths and weaknesses. Schedule the best order for you, based on a combination of your personal preferences, priorities and needs, as well as financial considerations. Your personal solutions to this process should be based, on what is best, on the services, on your specific situation, etc.
Four. flavors; trends; taxes: When considering your financial needs, pay attention to real estate taxes, but remember that these typically increase over time. Are there any trends that you think could be beneficial and affordable for you? How might your personal tastes impact this process?
5. Strengths; system: Use your personal strengths and address your personal weaknesses, using a system that works, with your likes, priorities and financial challenges/obstacles!
Before you buy a home, take the time to consider and discuss your basic needs. COSTS, associated with home ownership! Become a smart home buyer!