Since, owning a home, of one’s own, is, often considered an essential component of the American Dream, and, for most people, the financial value of their house, represents, their single – largest, financial/ economic asset, wouldn’t it make, far more sense, if serious, potential homeowners, proceeded, with their eyes – wide – open, and began, their process, as well – prepared, as possible? Although, most people, realize, preserving/ protecting their credit, accumulating the necessary funds, for all the down – payment, and other closing – costs, are needed, they often, overlook the real COST of buying a home! With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, using the mnemonic approach, what this means and represents, and why it is an important, relevant consideration.
1. Credit; closing; choice; create; coordinate: Before one begins the search, he should carefully examine, and review, his Credit Report, correcting any errors, and addressing areas of weakness! You can, either do this, yourself, or hire a consultant, but, don’t proceed, until, you’ve done this! Not only is securing a mortgage, a necessary aspect of the buying process, and one needs, the credit, to secure this loan, often, the difference between obtaining the lowest rates, and, higher ones, depends on the overall rating! Examine your choice of a house, and why, it will serve your needs and requirements! If you create a positive, mindset, you will prepare to effectively, coordinate your efforts, towards a far more, stress – free, closing!
2. Options; open – mind; opportunities: Buying a house, is a meaningful, relevant process, and it is wise, to carefully consider the options, including the specific choice, the potential opportunities, etc, and proceeding with a well – considered, open – mind, in order to better understand all related costs, expenses, etc.
3. Systems; serving; solutions; strengths: Before committing to a specific property, hire a professional engineer, and/ or, home inspector, to provide, a thorough, review of the overall condition, including strengths, and weaknesses! Differentiate between major and minor issues, and understand, whether the so – called, bones of the house, are strong, etc! Only buy some place, which effectively, serves, your needs, both, present, and, into the foreseeable future, and consider, whether the particular house, provides relevant, sustainable solutions, to your needs, and priorities!
4. Trends; taxes; time – tested; timely: Recognize relevant trends, both, in terms of the particular property, as well as financing options, and proceed wisely! Use the time – tested ways, to evaluate, including, a financial review, of all the related, real estate taxes/ fees, etc, as well as potential, unforeseen expenses, etc. Once you’ve made a wise decision, proceed in a well – considered, timely manner, and be prepared!
Don’t ignore the true COST of home ownership! Will you be a wise buyer?