The pros and cons of owning a home

by | Nov 26, 2014 | Home ownership

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Buying a home is one of the largest emotional and financial decisions you’ll ever make, so it’s critical that your decision to purchase a home is an informed one. Do the research, get the knowledge, and be informed.
Although buying a home almost always seems like a great idea, it’s important to understand what homeownership involves. Of course, being a homeowner is something to be proud of, but it also means investing money, time, and energy and taking on added responsibilities.

The pros

When most of us consider becoming homeowners, we immediately think of how wonderful it will be. It’s true that there are many good reasons for wanting to buy a home. Here are just 3 of those reasons:

  1. Financial security
    If housing prices rise, your home can provide you with some financial security due to capital appreciation, which you can use for investing or retiring later on or even upgrading to another home.
  2. Flexibility
    You can decorate or renovate your home to meet your own tastes and needs.
  3. Stability
    Having a place of your own, without the risk of being evicted by a landlord.

The cons

Although it’s nice to think about the positive aspects of owning a home, remember the downsides as well, such as these 4:

  1. Financial stress
    Securing a down payment, meeting regular mortgage payments, and paying other ongoing costs will tie up a lot of your cash, putting considerable stress on your finances.
  2. Maintenance
    Keeping your home in good shape is critical to making sure it last for many years, but this requires time and money.
  3. Higher costs
    You may pay more each month for housing than you did as a renter, and that’s just direct housing costs. Maintenance costs and property taxes are extra.
  4. More responsibility
    You alone are responsible for payments, repairs, and maintenance. If an appliance breaks down, a tree branch breaks through your roof, or a pipe bursts, there will be no landlord to phone to fix it for you.

These are just a few of the pros and cons of owning your own home. If it sounds like something you want to do, contact us today so we can help you get into one. If you’re still unsure, let us know, and we’ll be happy to answer your questions and offer advice.