Pros and Cons of Owning a Home
If you’re looking at purchasing a home, there are numerous advantages and disadvantages connected with it. It is vital to weigh all of them no matter what type of house you want to buy be it a townhouse, apartment, sprawling ranch or beachfront condo. We will explore both the advantages and cons that come with home ownership.
One of the primary reasons that individuals may give for purchasing a property is security. They want the peace of mind that one gets with not having to deal with noisy renters in the neighboring flats that have paper thin walls or the landlord asking for rent on a monthly basis. Many people feel more financially secure when they know that they have accumulated substantial equity in their home. They love the security of knowing they can draw on that equity should they require money for their children’ schooling or medical expenses.
If you have kids, there is nothing better than seeing them play in your backyard instead of having to take them to the park. Most people enjoy knowing that their children will not have to change neighborhoods and will grow up with the same schoolmates and friends for many years. Single folks and senior citizens love the independence that comes with home ownership. They may build customized ledges may paint the colors of their choice on the walls and put up a satellite dish for their television without worrying about what the landlord will think. Possessing your property also removes those nagging fears regarding the rent being increased once in a while.
Housing prices will fluctuate a bit, but historically, it has proven to be one of the major investments over time. Instead of pouring your money down the drain paying rent, you can make a lasting investment in your future.
While owning a home is everyone’s dream, there are some cons to think about. Unless the tenancy agreement states otherwise when you lease a house, the maintenance responsibilities don’t fall on you. It is very different, when you have a home. This includes cleaning the gutters and downpipes, painting the interior and exterior of the house, decorating, hiring pest control companies to get rid of any pests that may invade your home and also get repairmen to repair any part of the house that may be damaged. When you don’t do any of the things listed above, they could decrease the worth of your home and be dangerous to your health. Maintenance is very expensive and hiring experts to do the maintenance work is something that you need to think about. Should you not afford the extra costs, then it might not be a fantastic idea to get a house.