A key focus of my blog is Financial Literacy/Money. Homeownership is a key pillar to building wealth. It can also wreck your finances if you don’t understand the pitfalls of it. The following contributed post is entitled, 4 Questions About Homeownership.
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Homeownership is for many the ultimate American Dream. Indeed, we have to remember that the Americans of today were once immigrants who had come – or been shipped – to the country in the hope of making a living. What Thomas Jefferson called the pursuit of happiness is, after all, nothing else than having a place we can call home. However, purchasing a home doesn’t come without risks. Indeed, it doesn’t matter how many of us dream of homeownership; not everyone is ready to become a responsible homeowner today. Indeed, investing in a property is a commitment that requires a change of mindset. Some might even refer to it as the first step of adulting. The truth is that you can’t buy a home if you can’t answer the following questions:
Can you avoid unnecessary expenses?
Buying a home is an expensive adventure you need to budget. There is no secret; unless you’re lucky enough to have inherited a substantial income, you will need to embrace a frugal lifestyle to save ahead of your property purchase. Frugality being the art of living within your means, it’s an essential skill to develop at the beginning of your homeownership journey. Indeed, it allows you to save money without depriving yourself. More importantly, it’s the key to keeping your budget under control safely.
Can you be part of a neighborhood?
You never buy just a house or an apartment. You buy your entry into a neighborhood. It’s the ability to embrace living at the heart of a community that makes your home a safe investment. Why so? Because your property becomes part of an ensemble that shares common values and interests, such as keeping the community safe and clean, for instance. As a homeowner, you agree to participate in the local activities and to get to know your neighbors. Ultimately, active communities are a magnet to shops and other amenities. Additionally, they significantly improve your quality of life. But it only works if you are ready to become a part of it.
Can you fix things?
Things break. As a tenant, you can call your landlord to get it fixed. As a homeowner, you have to roll up your sleeves and sort it out yourself. While some repair jobs should be left to the pros – such as electrical and plumbing matters – anything else could be fixed with some DIY skills. Prepping and painting a room, for instance, doesn’t require expert knowledge. Dealing with a door that sticks shouldn’t take longer than a few minutes in most cases.
Can you visualize your decor?
Ah, the dilemma of decorating your interior! Many first-time homeowners feel confused when it comes to creating their own style. Indeed, for many, living in a rented place reduced their involvement in interior decor to a minimum. Therefore, it can be tricky to visualize all the options in a room. You’d be surprised to know that many home decor projects end up becoming a waste of money because people fail to take measurements and test their design ideas first.
In conclusion, if you can answer yes to the previous four questions, you are ready to buy your first home. However, if you’re still struggling with some of these elements, it’s a good idea to delay your purchase until you are more confident with your budgeting, community engagement, DIY skills, or decor planning.