25.3.08

How hard a decision is it to buy a home?

What does it take to save enough money for something? After years of frugal living, you believe that you finally have what it takes to buy your much coveted home. You now have some savings. You are about to take the home acquisition plunge. The prospect of owning your first home is within reach.

But what kind of a home would you want and where shall it be located? Decisions, decisions. Additionally, other significant items must be studied like affordability, is it of fair market value, what methods of acquisition are available, would it be cash or cash plus mortgage payments, what are the down payment options, interest rates, property taxes, etc.

Is this what the Brits need to evaluate at this point? If you have saved enough and find yourself much like the rest of UK residents, who according to a study spent a “combined £1.9 billion” for luxury items instead of going into the housing market, then what gives? Unconfirmed apprehensions draw people away from their original objectives.

In the same study, it was revealed that “potential home buyers believe that they would need 23,000 pounds before they can start looking at buying a home.

With all this unsupported notions and the consequent decisions to be made with respect to a home mortgage or a home purchase, it is always good to consult the professionals. In studying the alternatives, diligence is the name of the game. Prudence is the best course in approaching any financial decision - only full comprehension based on a well studied set of choices and alternatives will make it right.