Although, we often, refer to, owning a home of one’s own, to be, a significant component/ factor, of the so – called, American Dream, unless one proceeds, wisely, it might become a nightmare, instead! Before, buying a house, doesn’t it make sense, to consider, with objective introspection, whether, you are ready, and prepared, to do so? Home ownership has, the potential, to be a wonderful experience, or, a bad – fit, depending on a variety of factors, etc, and the specific individual! With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 6 important, personal considerations, one should examine, and consider, thoroughly, when making, such an important decision.

1. Personal comfort zone: For most people, the financial asset value, of one’s house, is their single – biggest, economic asset! However, in order to proceed, wisely, you need to consider, your individual, personal comfort zone, and feel comfortable, with your decision! You will, probably, not enjoy, any home, to its fullest – advantage, unless/ until, you examine, this, before you take action!

2. Financial reserves: With, the current, rising prices, of real estate, in most areas, some examine, whether they can afford the monthly payments, but, may, fail to fully consider, essential, other, financial issues/ concerns, etc! Because, mortgage rates, are, at (or near), historic lows, it is possible, to purchase, more house, for your bucks, but, rising prices, also, generally, increases other costs, such as necessary down – payments, rising real estate taxes (caused by higher assessments), etc. In addition, potential homeowners, need to, understand, and consider, costs of ownership, and create, financial reserves, for, repairs, renovations, upgrades, unanticipated major expenses (such as roof, major appliances and systems, etc), as well as, unexpected changes, in one’s personal circumstances, etc!

3. Credit Rating: Before, beginning, your search, for a house, of your own, consider, examine, and improve your personal, Credit Rating! Either, do so, yourself, or. seek professional assistance. This evaluation, will be a major consideration, in whether, you qualify for a mortgage, and, if – so, at what costs!

4. Immediate, and longer – term plans and priorities: Make your decisions based on your own, immediate needs and priorities, as well as, whether, you are buying it, as a starter – home, or, one, which will be your lifetime, companion! Only, when you weigh these factors, in a personal way, will you position – yourself, in the wisest way!

5. Where/ neighborhood/ area: Consider, thoroughly, where you want to live, and your reasons! What do you seek in a neighborhood, region, area, and specific home? Consider this thoroughly, because, one can make cosmetic changes, in a particular house, you can’t change, where it’s located/ situated!

6. Transportation/ school/ conveniences – needs: How important is, convenience to specific types/ forms of transportation, to you? For many, living, where schools are considered, quality ones, is important, and a key factor! Which conveniences, are most relevant, to your personal needs, perceptions, and self – enjoyment, satisfaction, of terms of living, there?

Before buying a home, be certain, home – ownership, is for you, and, you are prepared, for the process, and responsibilities, etc! Are you prepared, and ready, for doing so?

Source by Richard Brody