Wouldn’t it be nice, and make more sense, if, potential homeowners, fully considered, the essentials of FINANCES, and planned, accordingly, to achieve their finest goals, expectations, and needs? Since, for most of us, the value of our house, represents our single – biggest, financial asset, shouldn’t we prepare, as well as possible, and proceed, with, eyes – wide – open? With that in mind, this article will briefly consider, examine, review, and discuss, using the mnemonic approach, why this, so often, makes the difference, between truly enjoying owning a home, and becoming overwhelmed, and needlessly, stressed, by the day – to – day, obstacles, of home ownership.
1. Funding; future: If we, first, examine and consider, as many areas of funding, etc, as possible, we reduce much unnecessary, and avoidable stresses, and hassles. Prepared homeowner, look, at both, current, as well as future needs, and structure, a relevant, quality, financial plan. Most only consider the need for having a down – payment, but overlook the necessary, future reserves, for repairs, renovations, upgrades, maintenance, and, in case of an unforeseen setback. Doing so, requires, a large degree of focus, and discipline!
2. Intentions: Know your personal intentions, before buying a house. Are your plans, to keep it for the longer – term, or, simply, as a starter home? This will dictate, the best way, to organize your personal finances, as it relates to owning a home, of your own!
3. Needs: Do you know, both, your present needs, as well as probable future ones? Those who plan, accordingly, are usually, best – prepared, and enjoy home ownership, in a less stressful way!
4. Asset: Think of your house. not only from an emotional perspective, but, also, as the most significant asset, in your portfolio! Protect it, by preparing for potential eventualities!
5. Nervous: It’s normal, to be, somewhat, nervous, about being a homeowner. The better you plan, and prepare, the happier, and least stressed, you will be!
6. Choices: You’ll face several choices, throughout the process, from the house – hunting, beginning, to owning a house. What kind of house, and property, do you need, will meet foreseeable future needs, and will satisfy, much of what you want, seek and desire? What renovations, upgrades, etc, might align with both your emotional, as well as logical components?
7. Emphasis: Don’t try to keep up, with the Jones’, but determine what’s most important to you, and where you should place, your emphasis!
8. Service; solution: What will serve you, and what is your solution, to aligning and coordinating, your approach, in a head/ heart balance?
The wisest homeowners consider, and prepare, their FINANCES. Will you be, your best friend, or, own, worst enemy?