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While money can decide what you can afford when it comes to owning a home, there are many other motivators and drivers of a real estate decision. Here are the top 3.
1. Family
When considering if you should buy a new home, family is usually the number one factor. Maybe you’re just starting your family, or your family has grown and needs extra room. Owning a home can give your children stability, such as the same school, place and community. You may also consider passing the house down as a gift to your child, later one when they’re older.
2. Comfort and Control
Owning your home means you have control over many factors: location, decorating preferences, noise levels and proximity to neighbors to name a few. All these controls lead to you having more comfort in your living environment, one of the main things humans desire.
3. Career
Your career and your home tend to be intertwined. Some buy a home to make their commute to work easier. However, committing to a home also limits your freedom to move for new job opportunities. It also gives you an obligation to pay off your mortgage, potentially putting boundaries on how much you work, what work you do and/or who you work for.
Which non-financial factor do you consider when buying a home? Is it one that we didn’t list? Let us know.
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