Tammy Morrison Real Estate Inc | Fitchburg MA Real Estate Real Estate


The freedom to perform personal interior designs on your residence is a gain that you receive when  you own a house. You won't have to worry about hanging too many pictures on walls, updating kitchen or bathroom cabinetry or hanging new window treatments after you close on a house. There also won't be a landlord to tell you how long relatives and friends can stay at your place.

Owning a house is about more than property advantages

Access to a covered driveway or a garage, a lawn to grown your own vegetables, plants or flowers in and the chance to add more rooms onto your property are other gains associated with owning a house. There's so much that you can do with a house.

It's easy to focus on the gains. It's easy to tell yourself that you're ready to own a house when that might not actually be the case. It's also understandable.

Home developers, realtors and advertising agencies are all guilty of it. They spotlight the value of a house. They advertise the base costs of a house, what lender often refer to as principal. Thinking that the principal is all that you will have to pay when  you buy a house could put you in a financial bind.

Quality lenders will likely offer you protections that prevent you from taking on too much mortgage. One of the protections that they offer might anger you at first. That protection is to simply turn you down for a mortgage if there are signs that you're not ready to own a house.

How well do you know what goes into the total cost of owning a house?

To see if you're ready to own a house, consider how familiar you are with house buying expenses like:

  • Home appraisal fees
  • Variable rate, adjustable rate and fixed rate mortgages
  • Home inspection fees
  • Mortgage insurance
  • Homeowner association fees and rules
  • Property taxes, including how often property taxes tend to rise in areas that you want to buy a house in and by how much thetaxes tend to go up
  • Mortgage application fees
  • Points
  • Closing costs
  • Title insurance

The more you know what goes into the total cost of home ownership, the more you might be ready to take on the responsibility of owning a house. Yet, understanding the financial costs of owning a home may not be enough.  

Other signs that you need to exhibit include a history of paying your bills on time. You also need to regularly care for your property. This could mean getting the roof inspected every year, checking sidewalks and your driveway for damage and mowing and treating your lawn several times a year.

Checking appliances, upgrading flooring as needed, keeping homeowners insurance current and keeping your house clean and clutter free are other signs that you might be ready to own a house. It could take you years to develop these habits. If you tend to find reasons not to meet your responsibilities, including work, social,physical and spiritual responsibilities, you might not be ready to take on home ownership.




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