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Owning A Home:Things Which You Should Always Consider

Updated on October 3, 2015

A house that suits your lifestyle


We all have a dream of owning a house of our dream. A house that fully suits our lifestyle and family needs. A house that will impress even our friends, it will offer your kids space to ride their bikes and scooters, will allow you to host your friends for dinner parties, cocktail parties and even the annual Halloween potluck. Yeah that is the best description of a home that you truly deserve. This is not the kind of a house that you live in as you expect or plan to get another one as you get more money. There are things which you should always consider before committing yourself to buying that home of your dream.

Balancing personal income and loan rates

Balancing the ratio will help avoid stress
Balancing the ratio will help avoid stress | Source

Income and Mortgage interest deduction

If you are going to buy a home using loan Interest rates. Consider the impact that this will have on your debt: income ratio. A mortgage should not prevent you from doing some other things in life. E.g. buying a good car or living a good life. Your monthly home expenses in mortgage should not exceed 28% of your monthly income. You may consult an expert in real estate so as to help you calculate the true cost of buying that house. Many people do commit themselves to buying a home only to find that the total costs are much higher than what they expected which ends up straining their daily finances and lifestyle.

Consider the nature of your job

The nature of your job will help you gauge the true value of your house. If your job demands a lot of travelling away from home or spending lots of cash on travelling, then it may be of no value to you. There are people who also consider letting their houses e.g. when they travel abroad.

Check the exteriors and interiors condition

A living room
A living room | Source

The general condition of the home

If you have done the true calculations of the total amount of money that you will spend in buying a house and you consider it worthwhile, the next thing you should look at is the general condition of the house staring from externally. Gardens and yards conditions. Which kind of maintenance do they require, would you afford it? Look at the roof, the walls and the condition of windows and doors. Check whether everything is functioning well. Get inside; check the condition of toilet flush, bath tubs dryer, fireplace condition. You may do this with an expert. Do not be in hurry. These are the things which will help you in negotiating with the owner. You may also hire an expert in the area of real estate so to get a professional guidance.

Who will be your neighbours?


The design of the house and the facilities within the house

Houses just like motor vehicles do come with different designs. It is for you to decide whether everything suits you. Does the shape of the condition of the gym or the shape of the swimming pool suit you? Also consider whether the design allows room for future upgrade. Does the design of the house interfere with the general natural lighting and ventilation? Consider whether the position of the house in the lot interferes with your privacy by exposing much of your private area to neighbors or public facilities

Additional costs

After ascertaining the general condition of every appliance and general condition of the house, you should look at what additional things which are required. Consider the cost of inspecting the house, the cost of the legal fees that you have to pay and the repairs you have to do to the house.


Consider what is in your neighborhood, whether it suits your lifestyle and personality. The location how it will affect the future value of the property. Buying a home is an investment and you expect the future value to rise, the rate varies depending on location. Are there job opportunities in this area which suits your professional background? Also take into consideration the climate of the area. Is it going to impact negatively on your health and well being? The distance from friends and relatives or those who matter in your well being. If you have kids, you should take into consideration the location of good schools for your kids and distance from leisure facilities.

Safety and security of the area

Your personal safety and security will always come first and therefore it should be a priority in selecting an area to reside in. Security of the area also determines the future value of the property. It should be an area where you can be able to travel at all hours.


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    • Say Yes To Life profile image

      Yoleen Lucas 

      3 years ago from Big Island of Hawaii

      Amen to that! Way too many people focus only on home ownership, not realizing what a huge responsibility it is.

      I know a "rich doctor" who bought a mansion; a couple years later an earthquake cracked the foundation, requiring thousands of dollars to mend. Then the recession cut his wages. He could barely afford the mansion when wages were at their peak, and now he is struggling.

      I know someone else who had always made a lot of money and bought properties like outfits. He took out a HELOC for home repairs, then property values where he lived took a nosedive. He wants to retire, but his pension won't pay the mortgage, and if he sold his house, he would be lucky to come away with $1000.

      I just may decide never to buy!

    • B Brian Hill profile image

      B Brian Hill 

      3 years ago

      What a great thorough article that touches all the important bases of home buying. I wish I read this before I bought my house. Houses have just gotten so expensive haven't they? Great job!


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