Financial considerations, however, go beyond the stage of initial purchase. Be prepared for the inevitable outlays – property taxes, insurance, maintenance costs, repairs and value-additions. At the back of your mind, do factor things that could be likely in the long-term such as renovations and refurbishing. This makes for a more accurate estimate of the overall cost of owning the home – and takes the guesswork and strain out of an otherwise extremely exciting experience.
As a last precaution, do go through the exercise of examining your future financial stability. For instance, when do you plan to retire? Have you kept aside enough for unforeseen exigencies? Are you well protected financially against fluctuations in the job market and stock market alike? Have you included impending education, marriage and other such cost heads that will crop up in the coming years? Once you decide to be a homeowner, you may need to shift your perspective on a few lifestyle choices and proceed with caution on a few others. Living a financially planned and responsible life will now assume a larger role. But then, once you take possession of the keys, you’re opening a door to a whole new experience.