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Lifestyle Factors All Homebuyers Should Consider

If you're a first time home buyer and you've never been through a home purchase before, you'll be better able to get through the process successfully if you've taken the time to educate yourself on how the process works beforehand.  Many homebuyers start by contacting an agent and asking to view properties.  This is a bad way to start.  This is like diving into the deep end before learning how to swim.  Spare a few minutes and consider the following factors to determine whether or not you're ready to buy a home at all..

Think about yourself, your family, and your future.  These factors are often called "lifestyle factors."  Believe it or not, home ownership isn't a necessary part of life.  Sure, the American dream seems to demand it, but you don't have to own a home.  It may not fit your current lifestyle or the lifestyle you're planning for the future.

Ask yourself the questions listed below to determine what lifestyle factors will affect your home purchase decision.

• Are you planning to raise a family?  When?  Where?  If so, you'll need to take schools into consideration when selecting a home.  You'll also need to make sure the home comes with growing room if your family hasn't reached its full size yet.
• Where will your job take you?  Is your job stable?  Will you be in the area for a long time, or will your career require movement in the near future?
• Do you enjoy home maintenance?  Are you willing to put up with it, as an owner?  Or would you rather have someone else take care of these things for you?
• Do you have aspirations to own land or work with land of any kind?  Are their aspects of the surrounding geography that you like or don't like?  Does the city or town meet your needs for entertainment or other activities outside work?
• What's the community like?  Is crime high or low?  Is the job market sound?  Is the area improving or deteriorating?  Could you see yourself living in the area in ten years?  Twenty?  WOuld you get bored with the place?

Make sure you consider psychological factors, too.  Are you risk averse?  Then a mortgage may not be for you, even one as comfortable as a fixed rate mortgage.  Financial factors, such as your credit score, should also be considered.  There's a lot to think about before you buy your first home.

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