Buying a home is the largest purchase most people will ever make. Homeownership has great benefits but also comes with certain responsibilities. You need to answer the question, "Are you ready for homeownership?" You need to take a look at your current situation and determine if:
Other considerations to factor into the equation are:
And remember, the mortgage is not the only bill you'll be footing. Homeownership comes with other potential budget items such as repairs, maintenance, taxes and possibly, landscaping.
Many government agencies, banking institutions and local non-profit organizations want you to succeed in purchasing and owning a home. Homeownership assistance programs can provide down payment assistance and homebuyer education for first-time homebuyers, moderate-income people, teachers and armed forces service members, for example.
To find out more about government resources, go to U.S. Department of Housing and Urban Development (HUD) and State of New York Mortgage Agency (SONYMA).
Once you fully understand your current situation, your future plans and the big picture in terms of homeownership, it’s important to look at the pros and cons of homeownership before making the best decision for you and your family.