Pros and Cons of Owning Your Own Home

Buying a house is on the minds of countless people who are ready to start the next chapter of their life: but how can anyone be sure that this chapter is the best fit for them?  Although tons of perks come with buying property, there are just as many negative points if you look at it differently.

These are the most important things to consider and why you should think them over carefully before moving forward with applying for a loan.

Your Monthly Payments Build Equity

Unlike when renting, when you pay mortgage payments every month, you’re building equity into your property!  This means that in time you’ll get to either sell your property or take out another mortgage on it to pay for whatever you need, which can ensure that you never lose the money you put into it.  This can be a huge relief for those who rent, throwing their money into landlords’ pockets every month and not gaining anything from it.

You Have to Pay for All Maintenance

Unfortunately, homes don’t maintain themselves!  It’s important to remember that when you own your own house, you have to take care of your own maintenance and deal with the costs and work of it. Homes are incredibly expensive to maintain, so do your research on the maintenance property in your area will need before you buy it.

You Can Do Anything You Want to the Interior

Everyone has a unique vision for the home they’ll live in, and owning a home means you have the freedom to do whatever you want to with it.  This means you can have a multicolor home with different paint in every room or a modern room that’s all black and white, and nobody can tell you not to paint, which can be awesome.

Your Exterior May Be Beholden to an HOA

Although the interior is a free place where you can be as whimsical or modern as you want: the exterior of your home is often held to the rules of your HOA.  Although they’re increasingly unpopular, most cities make it hard to find a single neighborhood that doesn’t have a homeowners’ association.

These associations are organizations that you’ll pay a monthly, or yearly, fee to that helps ensure your property value will continue to go up in time: but you have to give up freedoms like unique taste on the exterior of your home in order to have it.  When running through the steps to buy a house: make sure you ask about the area’s HOA to ensure you can handle the rules they impose.

Buying a Home Is a Balancing Act

Buying a house has always been a careful push of the scales to see whether you’re going to end up living paycheck to paycheck, or you’re preparing your future for a large nest egg when you finally sell your home or pass it on to a loved one.  Although the stakes feel higher now: remember that people have been doing this for thousands of years, and it’s an awesome way to get your stake in both land and history.

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