I: Getting Started

Think you’re ready to become a home owner? So do we; after all, everyone becomes a homeowner at some point, it’s no big deal right? Wrong. Home ownership is a major life decision, not simply a financial one. So let’s back up a little and start at level one: is homeownership right for you at this time? Don’t worry, we’ll wait for you to answer; finding out whether or not owning a home is in your best interest ought to be as stress free as possible. But if you’ve answered ‘yes’, then you’ve already made a major step toward becoming a homeowner. But affirming your desire to own a home and taking the requisite steps to realizing this dream are two different things. So if you want this dream to become reality, you’ll need to think about a few things that are involved with both owning and maintaining your own property.

Pros:

• Security and Stability: if you make a smart choice, owning a home can provide you with a significant financial asset that can act as your anchor through economic hardships. Owning a home also provides you with the peace of mind of having a place to call your own, where you are stationed and grounded.

• Freedom and Flexibility: being a homeowner certainly entails maintaining your home both inside and out, but this can be viewed as an opportunity for you to be creative and have your home express who you are. While you ought to keep in mind other’s aesthetic sensibilities for both practical and economic reasons, you ought to feel free to make whatever alterations you desire, whether cosmetic or foundational.

Cons:

• Rates and Responsibilities: owning a home involves a significant financial commitment, both short and long-term. You will be required to come up with a substantial sum for the initial down payment as well as a host of other fees (e.g. legal fees, property tax, deposit, mortgage loan insurance, land transfer tax, etc.) before taking possession of the home, you must also make timely mortgage payments, and assume financial responsibility for all maintenance and repairs. When you own a home you do not have the luxury of deferring responsibility to a landlord or superintendent, so for better or worse, the time, effort and money it takes to maintain a property falls directly on you.

• Permanence and Perpetuity: while owning a home certainly provides you with a piece of mind and the stability of having a place of your own, such security comes at the price of a serious long-term commitment. Homeownership is certainly not on par with the marital vow of “till death do us part” (chances are pretty good that your home will outlast you anyways!), but you are undertaking a responsibility that will involve you both personally and financially for as long as you are owing on your mortgage.