5/27/2009

Home Ownership - A Test

Today's post by Gail Vaz Ozlade is called Why You May Not WANT to Own. She offers a series of questions that you can ask yourself to determine if home ownership is right for you. I think this is a fantastic way to do some self reflection.

I will answer those questions below:

1. Do you have a variable income?

No, my income is steady - I have an annual salary where I *should* receive raises at least once a year.

2. Do you work in an industry where employment is seasonal or erratic?

No, my employment is not seasonal.

3. Do you have the time and skills – and perhaps more importantly, the desire – to deal with home maintenance?

I beleive that I could find the time, and develop the skills for home maintenance. I know that I have the desire for it. Jordan and I often do things around my aunts and our parents homes for them.

4. Do you have extra money to pay for repairs or improvements, taxes, insurance, and larger utility bills?

Where we rent we have to pay for all utilies, so this is something I am accustomed too. In terms of have money to pay for repairs, renos, taxes & insurance - this will come. We are planning to buy in a few years so by then we will have saved up money and have a plan for these things.

5. Will buying a house wipe out all your savings?

It would if we bought today, but again - we plan on buying in a few years.

6. Do you move often?

I used to move a lot when I was going to university. I am now in a stable job and relationship in a city where I don't see myself moving for many years. I do not however; plan on retiring in this city.

7. Can you afford to own in an area in which you would want to live?

I beleive that we can, we are not pre-approved however.

8. Are you financially responsible?

I think that Jordan and I are getting increasingly financially responsible. I will soon have my credit card and student loans paid off. Jordan is working towards paying of his/our truck loan within the next two years as well as working towards improving his credit rating.

9. Do you love being able to write a cheque for rent and then not sweat the details?

I do love this (but i always sweat the details - about most things). There are still a lot of details to sweat in terms of renting (at least where I rent). There are three major utilities bills that I am responsible for collecting money and paying for. We are responsible for the basic maintainace of the home (mowing the lawn & taking care of the garden). As my landlord is kind of a putz, we often do other small repairs.

I just want to be doing repairs and maintenance to my OWN home.
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