Buying a home is exciting! If you’re young, it gives you the sense of finally stepping into the adult world. If you’re at some other life change (marriage, starting a family, empty-nester) the idea of a larger (or smaller) space of your own gets those possibility juices flowing.
But . . . in the heady rush into new home ownership, the temptation to bite off more than you can chew financially is strong enough that potential homeowners ignore that niggling unsettled feeling, or even the warning bells clanging in their heads. Once the deal is done and move-in day is a dim memory, the reality of monthly expenses takes over.
Does that mean you shouldn’t buy a home? Of course not! What is means is that homeownership can change your lifestyle in ways that you may not anticipate. If you’re looking at buying a home, try incorporating those changes into your life beforehand to see if they are livable.
Higher monthly payments
For some buyers, the actual mortgage payment is less than they pay for rent. In fact, many would-be buyers consider this as the basis of their potential move into ownership, and marketers promote the idea as well. But, ownership requires more than just making the mortgage payment. Other monthly outgo includes property taxes, insurance, homeowner association fees, etc.
Have a plan
Before purchasing a home in a given area, check in with us. Our team can get you the information you need before you buy. After all, we want you to be happy in your new home. You may be willing to make sacrifices to afford the home of your dreams, but remember that you need to live with those sacrifices for a very long time. Giving up cable, not eating out, and delaying buying new clothes may seem doable in the first few months, but eventually you will probably tire of the restrictions to your lifestyle. That’s why it is important to know before you buy a home how much monthly outgo fits into your lifestyle.