Even though it’s generally, believed, to be the American Dream, owning a home, of their own, isn’t, for everyone! Although studies suggest, in the longer – run, it’s more cost – efficient, to be an owner, than tenant, there are particular individuals, who, it is often, not for. With that in mind, this guide will try to consider, identify, and discuss, a few of the things, which might make somebody, a less, than stellar, candidate, for home ownership.
1. Down – payment: there may be several reasons, specific people, lack the necessary down – payment, needed, to put down, so as to obtain a house. Some lack the necessary discipline, while others may not have the financial necessities, or have undergone significant barriers (economic/ financial, etc), which have made it challenging, to put together the funds. Others are fearful, to proceed, because they lack the self – confidence, etc, which makes themready, willing, and able, to handle the stress, etc..
2. Reserves: Along with getting the neededup – front, funds, there are quite a few other financial obligations. Wise individuals put together, at least 6 to 9 months, equivalence, in the event of any interruption in earnings, etc.. Moreover, there should be different reservations, for initial alterations, or modifications, most new homeowners, perform. Then, money should be put aside, for regular repairs, upgrades, modifications, renovations, and unforeseen issues.
3. How much do you want it? : Are you prepared for home ownership? When you rent, your landlord is responsible for necessary repairs and maintenance, but when you own, you not only need to pay for it, but be responsible for , performing the task (if you’re capable) yourself, or earning a professional, to take care of it.
4. Confidence: Do you have the necessary degree of self – confidence, to be ready, and your own abilities, to handle the stresses and anxieties, involved, in possessing, a house, of your own? If the stresses and anxieties, are things, you don’t want to get involved in, and/ or, handle, then, owning a home, might not be, for you.
While I personally, enjoy owning my own home, it is not for everyone. An individual needs to seek, to better, understand, what makes him happiest, most satisfied, and serves his personal self – interest, etc..