On account of the extremely low mortgage rates and the depressed house prices, I think maybe now is the opportune time to buy our own home. Historically, equity in our home is always a reliable asset that helps us finance our well-deserved retirement. Even though many of us are facing the dismal prospect of losing our jobs, we and our family still need a place to live. We all know a home is one of the four basic needs in life. Owning our own home not only provides us with a stable living environment, it also forces us to save painlessly through the periodic mortgage payments.
However, if I were in the position to buy a new home, location and size will always be my prime concerns.
Instead of a “nice” neighborhood, I would definitely choose a home that is located close to where I work and is near public transit and shopping area. I would also like to live close by my relatives and friends. We have all heard it takes a village to raise a child. Relatives and friends living nearby are extra lifelines when we are in need.
My new home should require the least day-to-day maintenance. With an average size of a typical family at about three persons, there is no reason why we would need a home with four to five bedrooms. Whenever I saw many palatial homes with cathedral ceilings on televised home shows, I always wondered how much would it cost to warm up all these empty spaces? I also speculated on how long would it take to refurbish these towering walls?
Furthermore, today reliable tradesmen are like needles in a haystack. We should consider ourselves lucky if we ever find one.
To me a smaller castle translates to a simpler life. It also means a smaller mortgage payment, lower property tax and maintenance cost. By carrying a more manageable financial burden, we will be less likely worried too much on our obligations to the bank when the time is bad. - Ayee
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