Life Planning

Invest in a home

The wisest investment anyone can make is to buy a home, but a few conditions have to be met in order for this decision to be considered “wise.” Although buying a house might not be feasible at this very moment and accessibility to appropriate properties may be limited by where you live, you can eventually get into the position to buy a home by keeping your credit clean, having a stable work history, and diligently saving your money.

But remember that a home is an investment, and if a home cannot eventually be sold for more than it was acquired for, sometimes it is not worth buying. Here are a few things to consider when buying a home:

• Location: Is this a good neighborhood or condo project? Do people take care of their property in this area? Is the condo association in good financial standing? Does this neighborhood provide access to conveniences such as public transportation, shopping, and emergency facilities? Does living in this house hold life-long appeal, or is it strictly a transitional residence for most who live here?
• Longevity: When was this house built? Does it have solid structure? Are there any negative building or business trends nearby (factories, strip clubs, etc.)?
• Safety: What potentially harmful materials were used in the building of this house? Is the water safe to drink?
• Community: What are the people like in this area? How are the public schools?
• Sustainability: What are the physical features of this house (yard, woodstove, greenhouse, balcony, windows, access to public transport, proximity to food market) that can help decrease my dependency on gas and energy?

Although these questions might not address concerns that you have right now, they will determine the sale-ability of your house in years to come should you decide to sell, and will qualify your home as a safe and comfortable place to live in the event that circumstances require that you make a long-term commitment (more than three years) to living there.

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