Although it is generally, believed, to be the American Dream, owning a house, of their own, is not, for everyone! Although studies suggest, in the longer – run, it’s more cost – effective, to be an owner, than tenant, there are certain individuals, who, it is often, not for. With that in mind, this article will attempt to consider, identify, and talk about, some of the things, which may make somebody, a less, than stellar, candidate, for home ownership.
1. Down – payment: There might be several reasons, certain individuals, lack the necessary down – payment, required, to put down, in order to obtain a house. Some lack the essential discipline, while others might not have the financial essentials, or have experienced significant barriers (economical / financial, etc), which have made it hard, to assemble the funds. Others are afraid, to proceed, because they lack the self – confidence, etc, which makes them, ready, willing, and able, to handle the stress, etc..
2. Reserves: In addition to getting the needed, up – front, funds, there are many other financial obligations. and preparations, needed and necessary! Wise people put together, at least 6 to 9 months, equivalence, in case of any interruption in earnings, etc.. In addition, 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 difficulties.
3. How much do you want it? : Are you ready for home ownership? When you lease, your landlord is responsible for necessary repairs and maintenance, but when you own, you not only need to pay for it, but you should be responsible for , performing the job (if you’re competent ) yourself, or earning a professional, to take care of it. This includes: electricians; plumbers; painters; concrete workers/ masons, etc..
4. Confidence: Do you have the essential amount of self – assurance, to be ready, and your abilities, to handle the stresses and tensions, involved, in owning, a house, of your own? If the stresses and tensions, are matters, you do not want to get involved in, and/ or, handle, then, owning a house, might not be, for you.
While I personally, like owning my own house, it isn’t for everyone. An individual should seek, to better, understand, what makes him happiest, most satisfied, and serves his personal self – interest, etc..