Pros and Cons of Owning a Home
If you are looking at purchasing a home, there are lots of benefits and pitfalls connected with it. It’s crucial to weigh them all no matter what type of house you want to purchase; be it a townhouse, flat, sprawling ranch or beachfront condominium. We will explore both the pros and cons that come with home ownership.
One of the primary reasons that people may give for buying a home is security. They want the reassurance that one gets with not having to handle noisy tenants in the neighboring flats which have paper thin walls or the landlord asking for rent every month. A lot of people feel more financially secure when they realize they have collected substantial equity in their house. They adore the security of knowing if they want funds for medical expenses or their children’ training, they can draw from such equity.
For those who have children, there is nothing better than seeing them play in your backyard rather than being forced 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. Senior citizens and single individuals adore the freedom that comes with home ownership. They may paint the walls with the colors of their choice, build customized shelves 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.
Historically, it has proven to be one of the more important investments with time although home costs will fluctuate a bit. Rather than pouring your cash down the drain paying rent, you will make a lasting investment in your future.
There are several disadvantages to consider even if owning a home is everyone’s dream. Unless the tenancy agreement states otherwise when you lease a house, the maintenance responsibilities don’t fall on you. When you own a home, it is very different. This includes decorating, painting the interior and outside of the house, cleaning the gutters and downpipes, hiring pest control companies to dispose of any pests that could invade your home as well as getting repair men to fix any section of the house that may be damaged. When you don’t do any one of the things listed above, they could reduce the value of your house and be harmful to your wellbeing. Maintenance is quite expensive and hiring specialists to do the maintenance work is something which you should think about. It might not be a good idea to buy a house if you cannot afford the extra costs.