If you are looking at purchasing a home, there are lots of benefits and pitfalls connected with it. It’s essential to consider every one of them no matter what sort of house be it a townhouse, apartment, sprawling ranch or beachfront condo you wish to buy. We will explore both the advantages 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 peace of mind that one gets with not having to deal with noisy tenants in the neighboring apartments that 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.
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 appreciate knowing that their children won’t need to shift neighborhoods and will grow up with all friends and the same schoolmates for many years. Single folks and senior citizens love the independence 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.
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.
There are some drawbacks to consider although owning a house is everyone’s dream. 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 hiring pest control businesses to remove any pests that may infringe your home, painting the inside and outside of the house, decorating, cleaning the gutters and downpipes and also getting repair men to repair any part of your home which could 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. If you cannot afford the extra costs, then it might not be a great idea to buy a home.