Many of us, decide, it’s time, to enjoy, the major component of the so – called, American Dream, which is, buying a home, of one’s own. In order to make the wisest, possible decision, and smartest approach, which will work for you, it might make sense, to understand fully, and follow/ use, the DRINK of wisely, purchasing a house. This concept, combines a well – considered, determination of your true needs, future considerations, economic realities, and, your personal comfort zone. With that in mind, this article will attempt to, briefly, review, examine, consider, and discuss, using the mnemonic approach, what this means and represents, and how it might help one, achieve this dream (and avoid having a nightmare, instead).
1. Delve deeply; down – payment/ closing costs; determine: Go beyond the surface, and avoid any, rush, to judgment! This requires a willingness to delve deeply, and determine, whether you are financially, and emotionally, prepared, with becoming a homeowner. Begin, by knowing, if you will be able to afford the down – payment, and closing costs, but, avoid the possibility of becoming house – rich, but, in, over – your – head!
2. Real estate; reserves; relief: Shouldn’t any real estate purchase, you make, focus on, and emphasize, providing you, with meaningful, reliable, relief? Begin, in a prepared way, and ensure, you have all the necessary funds, including, those, for several types, and varieties of reserves. Some of these, should be, for emergencies, such as income interruption, while others, must be, for maintenance, repairs, renovations, appliances, and other home systems, etc.
3. Intentions: Begin, by focusing on your personal intentions, especially, as they relate, to how long, you plan, to live, at the specific house. Are you hoping, to make this, your home – for – life, or, do you consider it, a starter – house, and/ or, stepping – stone? Examine, whether this makes sense, in terms of your personal needs, priorities, and economic realities!
4. Neighborhood; needs: Why have you selected the specific location, of this house? Have you closely, examined, and considered, both, the strengths, and weaknesses of the region, area, neighborhood, etc, in terms of fulfilling your needs, especially as they relate, to conveniences, shopping, transportation, safety, and security?
5. Knowledge: Prepare thoroughly, and determine, whether it’s the right place, for you, now, and into the foreseeable future! Have the knowledge, and/ or acquire it, so you are best able, to proceed, wisely!
Making a smarter decision, in terms of purchasing a house, means following the DRINK of planning properly. Since, for most, the value of their home, represents their single – biggest asset, doesn’t it make sense, to proceed, wisely?