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Knowing When You're Ready For Homeownership

By Tabitha Jean Naylor

Being a homeowner has many advantages, but it also has some drawbacks. How do you know that you are ready for homeownership in the state of Massachusetts? Consider this: the idea of having and owning a home may be more appealing to you than actually owning a house.

Reality Vs. Expectations

There are many responsibilities that come with owning a home. Even the process of buying a home can be prolonged and draining, and finding your "dream home" can be frustrating as you walk through several homes that don't fit the bill. Even if you identify a house that you fall in love with, you may find that you can't get it, perhaps because you can't afford it or because your offer has been rejected, or even worse, it may be stuck in short sale limbo. The thing to really understand is that, throughout this whole process, you have to put yourself in it and do your research, but some things are out of your hands. Basically, it is important that you think about the risks of both purchasing and owning a home - are you ready to take on those risks?

Purchasing a Home

The first question that you need to ask yourself is, can I purchase a house? There are many options out there for first time buyers, but making a smart buy that falls within your budget is key. That beautiful five bedroom home will have to wait if the mortgage takes a big chunk out of your salary, which would easily turn your dream into a nightmare. Remember to start slow, be realistic and go from there - and always give yourself plenty of time!

What Can You Actually Get?

The answer to this question depends on a ton of things. Where you live will play a large role in the type of property that you can get, and you will probably have to go through a strict vetting process before lenders can give you the money you need to purchase your home. If you are in quite a bit of debt, it may be better to put off home ownership for now. After all, you may not get what you want.

Recruiting the Right Help

Only you know what you want, but getting the right real estate agent and real estate lawyer can be pivotal in deciding exactly what you want to do and whether or not you are ready for homeownership. The right professional can help you make the right choices, guide you through your financial options and provide the support you need to make the transition between renting and owning a place - and you will need it. The right professional can also provide you with protection, both from mistakes from others and your own. If you are thinking about making the switch to a new home, then a real estate professional should be your first stop, especially if you have no idea where to start. Although it is intimidating at first, their support can make all the difference in how smooth your transition turns out to be.

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Alex Fleming

What is more profitable to buy: commercial or residential real estate?


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