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Is Homeownership Right for You?
Is Homeownership Right for You?

So, it is the time! You’re finally taking a step to fulfill a lifelong dream and buy your own home… how exciting!
One of the biggest emotional and financial decisions you'll ever make in your life is to buy your own home. Be prepared by learning about the process of home buying and the responsibilities of homeownership. There are loads of differences between renting and owning a home, not to mention the long list of pros and cons for each option.  Just keep in mind that what’s best for someone else may not be the best for you.  What exactly are the things that you should consider before you make the big leap?

  • How financially stable are you?
  • Are you ready to take on the responsibility of all the costs involved in homeownership, including mortgage payments, repairs, and maintenance?
  • Do you have the necessary financial management skills?
  • Are you able to devote the time required for home maintenance?

Buying a home is not for everyone. Take the time to think if the benefits of owning a home far outweigh the disadvantages.  It has to be worth it!  Be realistic about it.  Everyone must make his or her own best decision.
Read over your completed worksheet and then think carefully. Are the advantages of owning your home really bigger than the advantages of renting? Are the disadvantages of owning your own home really smaller than the disadvantages of renting?
You must be both financially and emotionally ready if you think homeownership is for you. It’s not only about money on buying a home. You should listen to your heart… and take an honest and realistic look at your lifestyle.