4 points to consider when Buying a Home

Deciding to buy a home – and then choosing what type of home to buy and where – are not simply financial determinations, like picking a mutual fund to invest in. Home buying decisions can be heavily influenced by values, priorities and concerns that aren't primarily about money. Here are four factors beyond the financial arena that can enter into a home buying decision.

1. Family. There's no question that owning your home gives children a sense of stability about home, school and the wider community they live in. Family legacy can also be a consideration. Many people eventually own their home free and clear, giving them the option of passing it on to their children. Parents even buy homes as gifts for children.

2. Comfort. Owning your own home lets you customize your comfort to your own personal preferences. You can pick a location based on the noise level and on how close you like to be to your neighbors. Comfort concerns often drive people to buy rather than rent, since it's often hard to find rental homes that are large enough or in the right area.

3. Control. Owning a home gives you control over your future. You have the certainty of knowing what your housing costs are going to be for a very long period of time. Additionally, ownership gives you the power to stay put for as long as you want without having your plans change suddenly because your landlord decides to move in or sell the place.

4. Career. For many people, a large part of the home buying decision is based on the home's location in relation to their work. With the rise in telecommuting, more people today also need a home that will accommodate a well-organized office.