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Thinking of Buying a Home?

There’s a whole body of study and opinion around housing options and choices – renting versus buying is certainly one of the main considerations. And where to live is right up there as well.

Buying a home isn’t for everyone. But for those who do want to buy, there are a few typical reasons to do so:

– You get to “own” (or at least you get to start making payments toward “owning”) your own home

– You can decorate and make it your own without getting permission from anyone else

– You will most likely gain equity over time if you stay around long enough


If you want to buy a home, do yourself a favor and calculate all of the costs of home ownership ahead of time and then set up a realistic budget to assure that, when that unexpected repair or replacement comes along, you’ll have the funds ready to complete that work. Most experts through the years say to allow for monthly savings above your mortgage payment of one to four percent of the original cost of the home in order to have sufficient funds when they are needed. And remember, repairs or replacements left undone start adding up over time and will be more difficult to pay for later on and may end up being more costly due to delays.

At the end of the day, your housing decision may come down to an emotional one.  But do yourself and your household members a big favor and do some unemotional work at the same time. Owning a home can be one of the most exciting times in life. But, if not planned well, it can be the worst nightmare a family can imagine.

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About Sharon Cabeen

Sharon is an award winning Accredited Financial Counselor, AFC® who has helped clients with budget counseling, debt repayment strategies, and financial education for over 35 years. Her passion is assisting people as they embark on life choices and transitions that involve their personal finances. Recently retired, Sharon is enjoying a successful transition to a slower and simpler pace, she enjoys spending time with friends and family, and the opportunity to try new kitchen creations.
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