Although, many feel, owning a home, of their own, is an essential component, of the so – called, American Dream, and, this is true for many, a wise consumer, and potential homeowner, must, consider, thoroughly, whether, owning or renting, is the better, personal option! There are, both, positives, and negatives, in – terms of these choices/ options/ possibilities, and it is wise, to thoroughly, examine, which, may be, best, for them! Which makes the best path, for you, renting, or home ownership? With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 key considerations, and why they are important.
1. Present, existing, cash flow: Realistically, consider, your existing, personal cash flow, and, whether, you can afford, all the obligations, needed, to purchase a house! How will, using so much funds, for the down – payment, and a variety of closing costs, as well, as the usual, needs to renovate, repair, upgrade, and make personal changes, the costs of moving (moving costs), etc, impact your personal comfort zone? Will you, risk, becoming, house – rich, but extremely stressed, and tense, etc?
2. Future earnings/ affordability: How comfortable, are you, with essential, personal financial planning, aspects, such as job security, earnings, earnings – growth, and affordability, thoroughly, being prepared, with all the costs, associated, with, being a homeowner? How will the associated, tax advantages, asset – growth, etc, affect you, and will it, make it a wiser decision/ option?
3. Your Credit: Before, beginning, any search, closely, examine, and improve, your overall credit, by addressing, every, possible, aspect, which might adversely, affect, your future mortgage needs, etc! When your credit, is better, it often, becomes an important factor, in deciding, whether, owning, makes sense, for you!
4. Personal comfort zone: Two people, who, appear, to be similar, in terms of needs, goals, priorities, affordability, etc, may not, necessarily, be prepared, to make the best, personal decision! One of the key considerations, often, is one’s, personal comfort zone, and, whether, home ownership fits – into, one’s personal perspectives, and priorities! Be realistic!
5. Short, intermediate, and longer – term needs. priorities: Fully consider, your immediate, short – term needs, and circumstances, as well as your expectations, into the future! What do you, believe, your earning possibilities, and probabilities, might be, and how might they, factor – into, your personal decisions?
Remember, there is no such thing, as one – size, fits – all, when it comes to making your best, personal decision! Be prepared, and aware!