Benefits and Drawbacks of Home Ownership
If you’re looking at purchasing a home, there are numerous advantages and disadvantages 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.
Among the main reasons that people may give for buying 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 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 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 house also eliminates those nagging fears about the rent being raised once every so often.
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.
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 extremely different when a house you own a house. 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 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.