John Cleek, Ph.D.
The Real Estate Doctor
John E. Cleek, Ph.D., REALTOR®
The Real Estate Doctor
IMSD, ABR, GRI, e-PRO, SFR
text or cell: 913-709-4423
email: johncleek@johncleekrealtor.com
The flood of foreclosures and short sales in all parts of the country is evidence that millions of Americans who bought homes over the past 5 to 10 years might well have investigated their options a little more carefully before buying or before deciding on how much home to buy. Home ownership can be the pinnacle of stability and self-reliance but it can become the agony of foreclosure if the decision is made lightly or ill-advisedly.
FOUR DIMENSIONS OF READINESS
Personal
How committed are you to home ownership? How stable are you in your job and career? Any likelihood you will need to move on short notice due to transfer? Do you know how much time a home can require for proper maintenance? Lawncare, repairs, etc.?
Lifestyle
The typical lifestyle of an apartment dweller is quite different from that of a homeowner. The social life of renters and home owners tends to be different as well. Do you travel extensively for business or other purposes? Does this mean your home may be unattended for extended periods of time? Security arrangements will likely be different than they were in an apartment complex. The key is to create a good balance between your lifestyle and your living arrangements.
Emotional
Buying a home is among life's most stressful experiences. Experts tell us that a healthy adult can handle most any experience provided we are not dealing with other high stress experiences at the same time. If there are a number of challenges in your life at present, it may be wise to postpone purchasing a home for awhile. If you are feeling high stress discuss it with your agent. Talking about it tends to make it more manageable.
Financial
Do you have money saved for the down payment? Closing costs? Moving expenses? Do you know your credit score? Have you obtained a copy of your credit report? How much can you afford to spend on a monthly basis for housing? Mortgage payments including taxes and insurance? Upkeep? Utilities? Are you willing to eliminate other discretionary expenses in order to own a home?