There are many important reasons that people decide to purchase a home. Among the top reasons according to the National Association of REALTORS "Profile of Home Buyers and Sellers 2010" are:
- "Desire to own a home of my own"
- "Desire for a larger home"
- "Change in family situation"
- "Job-related relocation or move"
- "Desire to be closer to family/friends/relatives"
- "Desire to be closer to job/school/transit"
All of these are great reasons and can be great motivations to make the leap from renting to buying. As you are likely aware, the purchase of a home is one of the greatest if not the greatest financial investments and commitments you'll ever make. In fact, while planning to purchase a home, many buyers are willing to make sacrifices in other areas of their life in order achieve the American Dream of homeownership. Forty-six percent of homebuyers report that they have made some sacrifices such as reduced spending on luxury items, entertainment or clothing.
The chart below from the "Profile of Home Buyers and Sellers 2010" shows the sacrifices that first-time and repeat buyers make in order to purchase a home.
Most of these seem like reasonable sacrifices, and after all, nobody needed to sacrifice a goat! When it comes to financing a home purchase, I always tell my clients that they should buy the driveway and the garage before they buy the new luxury car!
All of this makes me think of those old Klondike commercials, you know, "What would you do for a Klondike Bar?"
So what would you do to... buy a home in Northern Virginia?
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