From Renter to Homeowner – Am I Ready?

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Definitely, your first home will be that where your parents and family brought you up. As a child, this is the place that made you feel that you were at peace and it gave you the feeling of comfort that allowed you to grow as an adult.

Your first sense of independence will be when you start out on your first job and if you need to be close to where you work, you will have that need to find a place to live in while you are doing what you have to do each day at your workplace. When you find that place to rent, you will have control over your own time and space, even if you have to share the unit with people so that the expenses become affordable, that will have been okay because, in a way, it is your own and you have worked hard for it.

There will come a time in your life when you will start thinking about the next things to do in your life. Probably, you will be thinking of advancement in your career, having to be in a relationship and if you are in one already, forming long-term plans with the one you love. 

The question you must be thinking of next is, “Am I ready to make that big of an investment?” Here are 3 questions for you to answer to know if being a homeowner is already for you.

1. Can you afford it?

If you are thinking of a house that you will want to have, you can of course think big and desire to have a mansion, if you like. At the moment, can you afford one right now? It is like going to the gym weighing 120 lbs and you already want to lift weights that are 300 lbs.

Start to look at your current finances and available financing options that can fit your budget. In the beginning, boreys can be a good option for you to look at. When circumstances become better for you, then you have all the reason to go for a home that your heart truly desires.

2. Will you live alone or not?

You are living your life and, eventually, you will want someone special to share it with. Getting married and then deciding to start a family will mean that you will need a house to also raise your kids in.

The decision to own a home instead of renting one can determine whether you will get your own or not.

That is for you and your partner to decide together. Will you also have extended family living with you? Having a much larger space will be another thing to consider then in continuing to rent or think of buying your own home.

3. Am I ready to commit to owning one?

Having your own home means that you will be responsible to take care of it. Not just in paying for the bills and homeowner’s association dues. You will be the one who must make sure that it is kept well and tidy. Anything that needs fixing, that is for you to ensure that it is fixed.

Having to rent means that there is a landlord that you can report things that need fixing. As a homeowner, you will either need to learn how to get things done or hire experts to fix things for you. 

Getting your own home is a great thing to do for yourself and your family. It offers you safety and your own privacy to live your life as you wish. It comes with benefits and responsibilities. 

The choice to rent or own your home is in your hands.

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