Advantages and Disadvantages of Owning a Home
If you are looking at purchasing a home, there are lots of benefits and pitfalls 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 pros 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 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 that they have gathered substantial equity in their home. They love the security of knowing they can draw on that equity if they need money for their kids’ education or medical expenses.
There’s nothing much better than seeing children play in your backyard rather than needing 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 people and senior citizens love the freedom that comes with home ownership. They may paint the colors of their choice on the walls, construct 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.
Home prices will fluctuate a bit, but it has turned out to be one of the more important investments with time. Rather than pouring your cash down the drain paying rent, you will 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 rent a home, the maintenance responsibilities do not fall for 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 of the things listed above, they could decrease the worth of your home and be dangerous to your health. Maintenance is quite costly and hiring experts to do the maintenance work is something that you should think about. Should you not afford the extra costs, then it might not be a fantastic idea to get a house.
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