Donna Moy-Bruno's Blog
Owning your own home offers you the chance to direct more of the decorative, structural and spacing options at your residence. You won’t have to accept design changes that a landlord makes. You also won’t have to clear it through your landlord before you allow a relative or friend to move in with you. When you own your own house, you also have equity to transfer to your children.
Don’t rob yourself of the business of owning a house
It’s this equity that can lower housing costs for your adult children. Depending on their personal situation, your children could also sell the house that you will to them and use the finances to buy a more modern home. They could also use money from the sale of your house to pay for their children’s college education, to start a business or to grow their savings.
But, owning a house is not magic. Even when lenders are lax, there are certain reviews that they conduct before they enter a mortgage agreement with you. Whether you realize it or not, you could be robbing yourself of the chance to own a home due to the way that you conduct your personal affairs, because of habits that you refuse to let go of.
In fact, incorrect statements and erroneous beliefs could set you up for one mortgage disaster after another. Even if you do get approved for a mortgage, you could end up paying higher interest rates. You could also be forced to move into at risk neighborhoods.
Habits that could put owning a home out of reach
Here are a few examples of thought and behavior habits that could rob you of the chance to own a good house years from now:
- Asking high school and college friends for money whenever you spend all of your paycheck on clothes, concert tickets, dining or another source of entertainment
- Giving people excuses as to why you cannot repay them money that they loaned you
- Thinking that if people love you, they will always bail you out of poor financial decisions that you make
- Blaming the government for your financial situation, especially when you regularly pay your bills late and started the habit while you were still living at home with your parents
- Lying to bill collectors when they ask you when you are going to pay your bill
- Thinking that your employer and other business owners have an endless supply of money, so you don’t really have to pay them
- Buying products and services to feed emotions or perceived lacks in your life
- Spending money to impress others
As early as middle or high school, you could start to develop thought patterns and behavioral habits that may hurt your house buying success in the future. Practice awareness so that you can spot yourself developing negative habits and unrewarding ways of thinking. Surround yourself with people who pay their bills on time and take full responsibility for their lives.
Stop yourself from believing that it’s normal to lie to vendors and that it’s marketers who are responsible for your overspending habits and not you. Set yourself up for success. Give yourself a chance to own a home in an progressive neighborhood, the type of home that your children can benefit from living in or selling generations from now.
Feeling stuck is awful. It doesn't matter if you feel stuck because you're working a job that meets only one of your needs, your ongoing financial responsibilities.It doesn't matter if you've settled into patterns that are working hard grooves into your daily experiences. Stuck is stuck. Buying a house could worsen the problem. But, it doesn't have to.
Homes that travelers and eclectic folks can love
A house in a communal environment increases the chances that someone will be home even when you're not. Communal homes may involve two families sharing the same house. Another communal living option may find you sharing a communal garden, an apartment or a house with several single people.
Moving into a communal house can keep you from feeling alone, especially if you are new to a city. Other people living in the house can introduce you to popular, cultural and educational hot spots. It could be why Millennials are moving into communal properties. This living takes the guesswork out of a getting around a city.
But, your personality might not fit communal living. You might want more privacy. Yet, you don't want to feel stuck. Try moving into a house that has plenty of bay windows. landscape views and windows encased in picture frames. You may feel more connected to nature and outdoor experiences happening right outside your home.
Go for a house with lots of space options
Long, wide front and back lawns will give you the space to roam without having to leave home. On mild weather days, spend as much time outdoors as you can. Enjoy reading a good book, de-weeding your garden and finishing a hobby or personal project outdoors.
Houses with large porches fit these needs. If you live alone and don't want to rush into a relationship just so you won't feel lonely, you could turn your basement into an apartment and rent out the space. Money from the rent could cover the cost of airline tickets to visit faraway historic sites.
You could also spend the rent money to buy another property in a town or country that you visit frequently. To open yourself up to more space, opt for a house that's on enough land to let you add on rooms. Use these rooms to pursue your dreams. As an example, if you've always wanted to design video games, you could add a room onto your house and use this space as your design studio. For dreams like operating a greenhouse or pet training facility, choose a house that has several acres of backyard room.
The right house will meet most, if not all, of your personal, work and hobby needs. There will be enough space to accommodate your gig work, growing family, visiting relatives and your pets. You'll feel connected to your neighbors without losing privacy. Find the perfect house and you won't feel afraid to leave home while you venture on domestic and international travels. Friends will love hanging out with you at your new house. You definitely won't feel stuck.