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MY TOP 2 REASONS NOT TO BECOME A HOMEOWNER!

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As a Real Estate Agent, my job is to make sure that I help you with your home buying and selling needs. I take that responsibility seriously and that is why I would like to address potential buyers in this blog post. While buying a home is a great investment and is the American dream, I would like to share my top 2 reasons not to become a homeowner. Controversial I am sure but truthful and I would have it no other way.

1. Maintenance and Repairs:

If you are barely comfortable with your monthly payments and hate doing repairs and maintenance then owning a home may not be the right choice. Consider lawn work, roof repairs, AC repairs, and plumbing repairs. Also consider having to buy a new washer or dryer, a new sink or a new toilet when they fail. These costs can add a significant amount to an already strapped budget. Furthermore, homes covered by strict HOA policies may break your pocket when they demand certain maintenance work on your home and you do not have the money right away to pay for them. It can cost you more than double in fines and possibly the loss of your home.

Tip: Buy with lots of wiggle room for repairs

Tip: Buy a newer home that may have less chance of having significant, pocket busting repairs such as AC/roof

Tip: Marry someone who is a contractor or skilled at cutting lawn, doing repairs etc. which limits out of pocket expenses for labor. All you would need to do is to buy the part or product. Of course, that should not be the only factor for marrying someone..:)

Tip: Buy in areas not covered by HOA

2. Lack of Freedom:
If you do not have a secure job, if you may have to move to a different state or city in the near future or if you plan to decrease or increase the household then buying a home will reduce the freedom that you can have in just packing up and leaving. You may not be able to sell the home right away which would cause you to incur recurring monthly payments for a home that you do not live in anymore or a short sale because you owe more than what the market dictates that your home is worth.

Tip: Before taking the buying plunge, sit down and analyze the work/family situation. Will this be the best situation in the near future? Of course we cannot fully predict the future but we can surely see how our present situation may affect our future.

My goal is not to deter you from buying a home but alerting you to something that you may think about before buying a home. I would love to discuss any fears or concerns that you may have.

What are your thoughts?