by Jaynee Sasso
The American dream of homeownership has become a nightmare all too often because the dream is being supported by a weak financial foundation. Many people have become homeowners but fewer are successful. Successful homeownership requires that you are ready to handle the various financial challenges and responsibilities that come with the territory. Your success as a homeowner requires that you be truthful with yourself and the real estate professionals on your success team about the status of your financial health. For example, know what you can afford to pay monthly before sitting with your mortgage professional. Also, give yourself financial breathing room by not taking your last penny out of the bank to purchase a home. You must have some resources available other than your retirement accounts to fall back on just in case some unexpected expenses arise weeks or months after the deal has closed. This will help you to avoid making a poor choice that is rooted in fantasy instead of facts.
Build Your Home Plan
The process of purchasing a home is very similar to the process of building a home. Laying the foundation is key to the overall success of the project. If you have a weak foundation then all that you attempt to build from that point forward will not stand. Being a successful homeowner is similar to how you develop a good marriage. You must be willing to invest more time in planning for the marriage than you do for the wedding day.