Congratulations! You’ve decided to own a house, of your own. But if you expect, to make this a dream, rather than a possible nightmare, it’s best, to fully consider, the challenges, beforehand, and why, everybody, particularly, a first – time, home buyer, should ask himself, what he could afford! With that in mind, this guide will try to, temporarily, consider, analyze, review, and discuss, 5 important considerations, to fully comprehend, before proceeding, to ensure a marginally, anxiety – free, enjoyment of a person’s residence, as opposed to suffering from the consequences of a possible money – pit.

  1. Liquid assets available, for down – payment, closing costs, necessary reserves: Follow the adage, Know before you jump, and move, with your eyes – wide – open, as opposed to experiencing a kind of buyer’s remorse! When you prepare, financially, in advance, you will experience less stress! Will you have the quantity of liquid assets, needed, accessible, for your down – payment (often, 20 percent of the purchase price of home, closing costs (including pre – paid utilities, property taxes, legal fees, mortgage – related expenses, etc). And, whether, you’re ready, together with the necessary reserves. These reserve funds, should, include, but not be limited to: repairs; renovations; upkeep; updates; energy contingencies, etc.. It’s best, to have, at least six to nine months, worth of funds, in the event of any contingency, etc..
  2. A comfortable monthly payment: Examine your personal comfort zone, and prevent being, house – rich, but, otherwise, exhausted and poor! How will the mix of your monthly mortgage payment (including principal, interest, escrow things like insurance, property taxes, etc), make you feel? Are you comfortable with this, or, make, far too much, psychological stress and strain?
  3. Your requirements, versus wish – list: What do you, really, want, with respect to your house, rather than, merely wish, and/ or, expect for? It is great to want the best, but be certain, it’s a smart choice, for you!
  4. Duties of home possession: Are you ready, prepared, and looking ahead to, the inherent responsibilities of home ownership? These include: maintenance, fiscal responsibilities/ requirements, and being happy, at the particular home, area, and area!
  5. Is it the ideal home, for you? : Do your homework, have your financing prepared, address your personal credit, and, then, know what you want, need, and can manage! The more you understand, and prepare yourself, the better off, you’ll be!

What good is owning a home, unless that house gives you happiness, rather than undesirable, unnecessary stress? Be a wise home buyer!

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