The Future Care Planning Clearinghouse
Bronx Independent Living Services
Homeownership
Things to Think About
People considering homeownership face a variety of questions. If you are thinking about becoming a homeowner, you may want to begin by addressing issues such as: who you will live with. where you want to live, what type of home you will choose, and how you will finance it. Here are some questions and ideas to get you on the road to owning your own home.
Roommates:
Do you want to live with a roommate?
Do you know who will live with you?
Do you need help finding a roommate?
Will that person also own the home with you, or will he or she pay you rent?
Look for a person or persons who have the same interests or things in common with you; someone who you will be able to get along with.
Location:
Where do you want to live? Do you want to live in a city or a town? Which one?
Is it close to family, friends, and other supports?
Are there places nearby that you will need to use or would like to go to (grocery stores, banks, work, churches or synagogues, movies, restaurants, libraries, etc.)?
Type of Home:
Do you want to live in a single family house or a condo?
If you own a home you will be responsible for outside up-keep (cutting the grass, snow removal, etc.) and various maintenance work (house painting, roof repair, etc.).
If you own a condo, most condo associations charge a monthly fee that you pay to cover the cost of the outside up-keep and maintenance work.
Cost:
What can you afford to buy?
What is your monthly and annual income?
What will your expenses be (utilities, social activities, food, transportation, etc.)?
