Purchasing a home is an emotional experience. It's also one of the biggest financial decision you'll be making. So, are you prepared?
Home-ownership almost always seems a like a great idea. But you need to be prepared for the emotional roller-coaster and understand what it involves. Home-ownership is about investing money, time and emotional energy and added responsibilities. But it has it's advantages. Here are some of the factors to consider:
- When house prices rise, it can provide you with financial security and capital appreciation;
- You can have a place you call your own;
- You have the flexibility to renovate & redecorate the place as you please and when you please;
- It can lead to financial stress if not planned properly: coming up with the down-payment, making regular mortgage, property tax, insurance, utilities and maintenance payments, etc.
- Keeping the home well-maintained will require cash;
- It's your home and you alone are responsible for all the payments.
Are you prepared?