Happy August! The title of this Blog might seem weird but I thought it might be worthy to point out that home ownership is not for everyone.....based on things I've experienced over my career.
- The obvious is don't purchase a Residential home if you despise outside work and maintenance. Most People I know actually love the thought of lawn cutting, trimming and pride of ownership in getting that " curb appeal", but there are some that don't.
- Don't buy on emotion, a real estate purchase is probably the biggest financial investment of one's life time so it should be entered into with much thought.
- Timing is everything in life and if you are "up in years" closer to retirement and the carrying of a mortgage is going to be a struggle when you are at that fixed income time of life, maybe it should be reconsidered.
- I've experienced some Clients that have bought in the high point of the market and need to sell for one reason or another and choose to rent instead of being a homeowner anymore. Although in my area, to be honest, rents are a mortgage payment, so again, should be weighed out as to which is the better option. Frequently, I have rented their home out as I cant get the number for them they need to be mortgage free. Obviously in this case they are still the owners, but may release some stress on their finances, if the numbers work.
- Downsizing is typical after the family has been raised in the 3-4 bedroom home and kids have moved on. In this case, a condo makes more sense or maybe renting depending on, again, the numbers.
- Job security is one more reason for not purchasing a residence. If the Clients place of employment is talking moving to another state, for instance.
- Credit issues? Financially, it may not be in the cards for an immediate buy- at this point I suggest fix your credit and save some $/ give it a year and might make more reasonable sense at that time.
With Baby Boomers (including myself, lol) being the qty there are, sometimes makes more sense to have an in-law space and assist the son or daughter homeowner with their mortgage- it's a win,win in the times I've seen it as built in babysitters are a great way to save on daycare costs!
Enjoy Summer, as it is going quick!