It is said, “There is no place like home.” This statement is true because your home is your living place, and it should also be a place of rest. This is why getting a home is a good investment and spending extra money to make it as comfortable as possible to not be considered a waste. However, housing cost has been on the top of the roof recently, some housing agencies and estate managers have made house purchases as expensive as ever. Nevertheless, considering the importance of having a roof over your head and that of your family, getting a house becomes inevitable.
Many people are now faced with how to afford a good home and still not go into debt, or have just a little to repay in debt. We are going to discuss some ideas you might want to consider while purchasing your home.
“We need to intentionally invest in health, in home ownership, in entrepreneurship, in access to democracy, in economic empowerment. If we don’t do these things, we shouldn’t be surprised that racial inequality persists because inequalities compound.”
Pete Buttigieg
- Your financial ability: Having a good taste for expensive mansion is a healthy feeling, but it is also possible to have more from less. In other words, if your purse can not carry the expensive mansion at the moment, it is best to go for a smaller but yet comfortable house; rather than going into serious debts just to live in a house that is more than you can handle. A home is what you make out of it. With proper arrangement and decoration, your small – comfortable house could turn into your place of harmony. Therefore, when purchasing a house, go for a house you can easily afford and avoid large loans.
- The size of your family: If you have children, it is normal that you go for houses with more rooms and space. This will help your kids develop mentally, psychologically and physically too. Getting this type of housing might require a little more money and this is where you might need a lengthier mortgage. First, you have to consider what you can pay as most lenders requires a 20% down payment on the home value and then you can state how much will be remitting according to how much you earn till the repayment is over.
3 Home proximity to other activities: It could be financially demanding to purchase a house considerably far from your daily activities. Where you get your house should be close or relatively close to your work place or business, otherwise you will extend extra payments towards transportation.
