Annemarie Torcivia - RE/MAX  Trinity



Posted by Annemarie Torcivia on 6/12/2017

Owning your own home offers you the chance to direct more of the decorative, structural and spacing options at your residence. You wonít have to accept design changes that a landlord makes. You also wonít have to clear it through your landlord before you allow a relative or friend to move in with you. When you own your own house, you also have equity to transfer to your children.

Donít rob yourself of the business of owning a house

Itís this equity that can lower housing costs for your adult children. Depending on their personal situation, your children could also sell the house that you will to them and use the finances to buy a more modern home. They could also use money from the sale of your house to pay for their childrenís college education, to start a business or to grow their savings.

But, owning a house is not magic. Even when lenders are lax, there are certain reviews that they conduct before they enter a mortgage agreement with you. Whether you realize it or not, you could be robbing yourself of the chance to own a home due to the way that you conduct your personal affairs, because of habits that you refuse to let go of.

In fact, incorrect statements and erroneous beliefs could set you up for one mortgage disaster after another. Even if you do get approved for a mortgage, you could end up paying higher interest rates. You could also be forced to move into at risk neighborhoods.

Habits that could put owning a home out of reach

Here are a few examples of thought and behavior habits that could rob you of the chance to own a good house years from now:

  • Asking high school and college friends for money whenever you spend all of your paycheck on clothes, concert tickets, dining or another source of entertainment
  • Giving people excuses as to why you cannot repay them money that they loaned you
  • Thinking that if people love you, they will always bail you out of poor financial decisions that you make
  • Blaming the government for your financial situation, especially when you regularly pay your bills late and started the habit while you were still living at home with your parents
  • Lying to bill collectors when they ask you when you are going to pay your bill
  • Thinking that your employer and other business owners have an endless supply of money, so you donít really have to pay them
  • Buying products and services to feed emotions or perceived lacks in your life
  • Spending money to impress others

As early as middle or high school, you could start to develop thought patterns and behavioral habits that may hurt your house buying success in the future. Practice awareness so that you can spot yourself developing negative habits and unrewarding ways of thinking. Surround yourself with people who pay their bills on time and take full responsibility for their lives.

Stop yourself from believing that itís normal to lie to vendors and that itís marketers who are responsible for your overspending habits and not you. Set yourself up for success. Give yourself a chance to own a home in an progressive neighborhood, the type of home that your children can benefit from living in or selling generations from now.




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