Checkpoint: New House Readiness
New House Readiness
I think every person dreams of owning their own home at one time in their life. The reigning principle in my decision to buy a home would be Principle 2: The cost of something is what you give up to get it. In making my decision to purchase a new home I would compare the cost of renting my studio apartment to the cost of purchasing the new house. Rent is essentially paying someone else’s mortgage so why not take that money and pay for a place that would be mine instead. However there are downfalls to home ownership as well. If I can’t afford the payments then what happens? If I live in an apartment I can always move to a cheaper one.
Another point to consider is maintenance, which is provided by the landlord at my apartment. At my new house I would be responsible for all repairs. Am I ready for that financially?
One of the positive benefits of buying a new home is it will give me and my growing family more room. Another benefit is that real estate builds equity, and in the future I may be able to sell the home for a profit if I want to.
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