I purchased my home in 2014. I had been renting a two bedroom flat on the South Side for two years at $650 per month when the building was sold. Within two months of the new owners taking possession of the property, my rent increased by $60. I told myself that for $700 every month, I could purchase my own home. That was the push I needed to become a homeowner for the second time in my life.
For some people, the dream of being a homeowner seems a million miles out of reach; however, the reality is that it is much closer than one may think. I understand that owning a home is a big responsibility but so is taking control of your financial future. I am not saying that everyone should purchase a home right now, but I do believe a person should be aware of how and where money is being spent. Paying rent takes a large chunk of your income that isn’t being invested into yourself and your property. Ask yourself if you’re making the best decision when it comes to your housing situation. Think “Am I doing what is best for me and my financial future?”
Like the wise Jedi Yoda said, “DO or DO NOT! There is no try.”
By Evette Baker, Financial Education Coach
NCHEC Certified Homeownership Counselor