The biggest purchase to make in a person's life is buying a home. in fulfilling this huge commitment, the experience itself is the ultimate reward. Take a look at some of the guidelines that must be taken into consideration when deciding to own a house.
Happiness must not be considered as the major reason when buying a house. After the house was bought, freedom can be achieved. The residents can enjoy in customizing surroundings and the owner can seize the view from the backyards. Yes, it can give happiness but, this joy can lead to frustration when the maintenance issues and yard work comes on the way.
According to the news reported by the Cheat Sheet, 80% of the home buyers regret their house purchase while 20 percent say that they are content with their home. The 15.5 percent of them regret the size of their house, saying that their house is too small. Some 9.2 percent found out that they lack of storage options while 8.4 percent say that they are disappointed with their neighbors and 7.2 percent of them say that they are not satisfied with the local school system.
Another thing that should also be taken into consideration is the financial stability. Purchasing before being financially ready can lead to tough monetary choices in the future. One general rule of thumb is not to spend more than 30 percent of the resident's gross income on a mortgage payment, which consist of principal, interest, property taxes, and insurance, according to another Cheat Sheet news report.
The resident doesn't only need to know how much the owner can comfortably afford, but you must also settle down into a job or in a particular location. General advice recommends not buying a house unless you can picture yourself living there for at least five to ten years. This allows time to build equity by paying down your mortgage and allowing home prices to rise.
While the journey to responsible homeownership might be tricky, the security it provides is completely worth it.
