Buying a home is a significant investment for most. It can be stressful. It will take time. It will require forethought and follow through. The more pre-pared you are at the outset, the more confident you’ll feel throughout the process. Home buyers can be classified in two categories, and knowing what type of buyer you are will assist you in defining your goals.
Category I: Owner occupants. You’re in this buying category if you’re buying a home in which to live. You are the owner and occupant. You must answer the following buying questions: how much space to buy, is the area safe for your family, how are the schools, what are resale trends, and is the asking price the right price? Of course, there are many other buying questions. Identify them and make sure the answers are in your favor.
Category II: Investor owned. Although most buyers fit into category I, you might fit here, or maybe, you want to fit here. As with any type of investment, buying a home for income requires knowledge about the subject investment. You must set a buying goal. Are you buying below market value and “flipping” the property for profit? Maybe you plan to buy the home and rent it to a tenant or tenants. Whatever your goal, be informed of the upsides and downsides. This page should answer questions as well as create new ones.
Make It Your Own
It’s Your Home! Do with it what you want. Paint the walls. Tile the floors. Put in a pool. Carpet the yard. Well, maybe just put in some grass.
Home ownership inspires creativity. Your Home is a blank canvas ready for paint. (Always check the CC & R’s before you paint the exterior hot pink and put up a neon billboard). Within reason, you’re able to transform a structure into an extension of your personality. It’s your home.
Beyond the design factor that comes with owning your own home, is the privacy factor, without a doubt, one of the most beneficial elements of home ownership. No more knocking on walls shared with your neighbor, and no more relentless pounding coming from the unit above. Privacy means not having to share your home with maintenance crews on short notice. It means maintenance is up to you and can be done in a timely manner.
You’re in control. You may refinance if conditions are right. Refinancing can lower your payment or provide cash to improve your home or consolidate other debt. Refinancing is another freedom built into owning your own home.
It’s your home. With ownership come freedom and responsibilities. You are the one that must make the mortgage payment or risk loss. You are responsible for the condition of your home; it’s appearance and maintenance. It’s yours, so enjoy!