Pamela McArdle's Blog
It’s a long road to get to the status of being a homeowner. Once all of the i’s are dotted and the t’s are crossed at closing, you’ll be handed the keys to your wonderful new place to live. Now, you’ll have a huge responsibility on your hands as well. You’ll need to pay the mortgage monthly. You’ll need to perform regular maintenance around the home. You’ll also need to pay for things like home insurance, utilities, and more. Everything that happens in your home when you have those keys is your responsibility.
Once you have unpacked and settled into your new place, there’s a seemingly unending amount of things to do including organizing, unpacking, painting, decorating, cleaning, renovating, and so much more. You really need to take a break from all of that and take the time to bask in the glory of homeownership for a few minutes.
Know What You Have Accomplished
Buying a home is not something that every person can achieve. It takes a lot of hard work, dedication, and persistence to save up money, find a home you love, and close the deal. You’ll also learn a lot through the process of buying a home. You’ve established a sense of independence and freedom through buying a home; you’re truly living the American Dream.
You Have Something To Call Your Own
As a homeowner, you are not the master of your own domain. Anything that you wish is your command. Any hobbies you have, whatever type of decorations you want, and the types of chairs you like to sit in are all your choice in your own home. Once you own a home you don’t need to worry about the unruly neighbors upstairs or the landlord who wouldn’t ket you paint the walls. Do you want to plant a vegetable garden in your yard? You can! There’s no one there to tell you that you can’t. Have a blast using your yard and your home the exact way that you want it. Now you can feel free to have friends over and entertain to your heart’s content. This is one of the best parts of owning a home.
You Now Have A Better Financial Future
Buying a home is a smart investment. You’re contributing positively to your financial future. Every mortgage payment that you make is contributing to something that you own. There’s no security deposits and no fees for your pets. The longer you live in your home, the more equity that you’re building up since your property is increasing in value over time. If you continue to make timely payments and upkeep your home properly, you’ll be able to really see a return on your initial investment on the home.
Many factors come into play when determining whether you can afford to buy a house. Since the monthly rent for an apartment is often close to what a mortgage payment would be, you can't help but wonder if your rent money would be better spent building equity in your own home.
While this is often the case, first-time home buyers often underestimate or overlook expenses that accompany home ownership. Although a mortgage broker or bank loan officer can help you calculate the maximum mortgage you can afford, here are a few tips to keep in mind as you weigh your options.