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Buying a home can be a great way to build personal wealth over time, but it isn’t the right decision for everyone.
Becoming a homeowner is a major investment that requires careful planning. Consumers should take a hard look at their finances to make sure they can afford to take on the financial responsibility. In addition to coming up with a down payment, you must plan to make monthly mortgage payments, pay for homeowners insurance and handle other costs, like property taxes, homeowners association dues, and repairs and maintenance of the home and grounds.
Finances, aside, buying a home is a lifestyle choice that requires buyers to put down roots. People who enjoy the flexibility of being able to move whenever they choose aren’t good candidates for homeownership.
What follows are seven signs that you’re not ready to become a homeowner: