Although many people feel that home ownership is a major component of the so-called American Dream, for this to be so and not turn into a nightmare, instead, it is important and wise to fully consider all the foreseeable COSTS, involved and related. While most realize the required down payment and perhaps even the monthly mortgage payment, the payment is nowhere near all the expenses and costs involved. After some fifteen years as a licensed real estate seller in New York State, I have come to consider this in some detail and, with that in mind, this article will attempt to consider, examine, review, and discuss, using the mnemonic approach, what this means and represents, and why, is an important consideration.
1. Consider; to create; fillers; character: Each of us has certain strengths as well as weaknesses, and each one’s quality of character is important and relevant to any comprehensive consideration of the costs of owning a home! Therefore, each of us should seriously consider what owning a home means to us and evaluate our reasons, comfort zone, etc. What are all the fees involved, other than those involved in repaying the loan? Some of these may include: property taxes; articles in custody; utilities; and, various reserves for items such as repairs, renovations, upgrades, and unforeseen events.
two. Options; optimize: Wouldn’t it make sense if one considered all of their options and alternatives thoroughly before taking this significant step? What size is needed and how much can you afford? If a potential owner intended to optimize his own personal interest, before taking this big step, he would consider all the potential costs, his alternatives, and proceed accordingly.
3. Systems; strengths: Before you buy any home, take advantage of hiring a professional home inspector, or engineer, and have them pay special attention to some of the major systems in the home. These include the heating system, roof, foundation, electrical and plumbing components, etc., as well as major appliances. Get to know them, because if you need to repair, fix and/or replace them, it can be expensive! What are the actual strengths and weaknesses of the building and property?
Four. trends; prompt; time tested: Learn what others have done and take advantage of the time: proven behaviors and/or strategies! Do not wait for major problems to occur, but pay close attention and take timely action before it ends, being so! Are there any current trends that could be beneficial for you?
5. Sustainable; solve; smartest: Look at the big picture and proceed in a relevant, sustainable and affordable way! What are the problems and how will you solve them in the best possible way? Will you try to become a smarter homeowner?
It is smart and beneficial to know the COSTS of owning a house, of your house! Will you take action, on your own behalf?
