Even if you’re financially able to buy a home, you ought to still make certain your heart is within the purchase. So, before you create your decision, consider the benefits and drawbacks of buying a home.
Every payment brings you closer to owning the house. Once you pay your rent, that cash is spent. Gone. Bye. Not returning. But once you pay your mortgage, you’re employed toward full ownership.
There is potential home value increase.. Your home will presumably increase in value over time counting on the market and the way well you’re taking care of your home. What you purchase for $150,000 today could sell for $200,000 down the road.
You have the liberty to renovate your house. Since you are buying a home, you’ll do whatever you’d wish to do with it. The sky’s the limit, you can decorate your home and change the colors of your walls as many times as you would like, whatever color you can think of. No need to ask the landlord for permission.
You have more privacy. Neighbors are fighting again—and because the drywall is as thin as a card , every tenant can hear them. But guess what? you’ve got your own house. Which means no super close neighbors, and no cramped apartment. Just you and peaceful silence.
It’s yours! you’ve got a house! you’ve got the satisfaction of knowing you made the American Dream your reality.
After buying a home. it’s harder to travel and relocate. Want to travel to another country for half a year on a whim? Selling your house isn’t as easy as getting out of your lease, packing your backpack, and getting a one-way ticket to who-knows-where. Same goes for work-related relocations.
You have more expenses. Remember how little renter’s insurance cost you? Well, I hate to disappoint you, but homeowner’s insurance is going to cost a lot more. Combine that with a flood policy, HOA fees, property taxes, and higher utility bill, and you will be watching your monthly expenses go up and up.
No more dialing your landlord to let him know something needs to get fixed, it will be all on you. Everything that needs to get fixed will come out of your pocket. When buying a home, you’re liable for the maintenance of your home.
If you decide that buying a house will work for you, give us a call!