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You Don’t Want to Regret Homeownership, Do You?

Newly built homeWhile the majority agrees that homeownership is part of their dream, there is an alarming number of millennials and first-time homeowners who reportedly regret their purchase. Several factors make the home purchase worth it, even after a couple of years, so if you don’t want to be part of the statistic, you need to sit down and carefully weigh the pros and cons.

Here are just some things to look into when you think you’re ready to buy a home:

Your Current Finances

You have a stable job, but is it a contractual setup? How secure are you about your source of income? Not only will this affect the kind of loan lenders will be willing to give you, but it will also affect your ability to pay for the loan in the future. That home loan calculator exists for a reason, and Utah residents are advised to use it to see how much they can really afford to put into a home purchase while living comfortably.

Your Source of Down Payment Funds

If you’re thinking of dipping into your retirement funds to pay for the down payment, think again. It’s an alarming move, according to experts, and it might be an indicator that you don’t have a handle on your finances. If your savings cannot cover the down payment right now, perhaps it’s wise to delay your dream of homeownership until your bank account can support it. Otherwise, you’re putting your future at risk, and you won’t feel the fulfillment that should come with homeownership.

Ownership Costs

Renters know they have to call the landlord to have a problem fixed, but that’s all on you if you own the house. If you’re not a handyman, that means getting help, which is not free. This is just one of the expenses associated with homeownership. Even the maintenance of the lawn and the electricity and water bills can surprise you if you buy a house that’s too big all because you wanted to show off to people your age.

There are a lot of points for regret when you buy a home without thinking things through. Don’t let your indecision dampen the joy of homeownership.

August 1, 2018 at 1:00 amMind of Money