Is home ownership right for you?

Recently I had a chat with a friend. We were talking about owning a home. She was mentioning a friend who was talking about trying to find a home to buy. But she wasn’t convinced that her friend should own a home.

So our conversation turned to the duties as a homeowner.

The first one is obviously financial. What is your budget when it comes to owning a home? Here’s a nice planner. Do you have enough money to pay for a good size down payment on the new home? If not you’ll have to worry about our next issue.

Are you going to be able to afford the monthly mortgage payments? I talk to many friends who are always stressed about the mortgage payments and other costs that we incur on a daily basis. If you have a family it costs a lot to feed and pay for entertainment.

The next issue thing to think about when it comes to home ownership is up keep. From cleaning the house to gardening, a lot of your time can be spend cleaning the home and maintaining it’s appearance. Do you have a lot of hobbies? Do you like to do the things above? If you answered yes to both questions, you may struggle to find time. One option is to hire a gardener and maid. But that will add to your costs.

Lastly, no matter what home you buy, you’re going to want to change things. Each room will require a lot of changes. This will require money no matter if you hire a contractor or do it yourself. Obviously if you do it yourself your time will be required to do those things. And one thing many people don’t think about is that your home will be under construction a lot. Are you able to live in a home that is always being worked on?

Just because society tells you you must own a home, you really need to think about the questions above before you start looking for a home.