Are you ready to own your own home?
Surely one of your dreams is to become one day own your own home. Before deciding to purchase your home, discusses the pros and cons of having your own home.
PROS of having your own home:
• Increase your heritage. Having equity is important for your financial health in the long run. In the case of a house, your equity is the value of the home less the amount of money you owe for it. For example, if the value of your home is $ 200,000 and you have $ 125,000 on your mortgage, your equity is $ 75,000.
• It’s a good long-term investment. The houses generally increase in value over time, so your home could be a good way to invest your money in the long run.
• Owning a home could reduce you the amount of tax payable, as the interest paid on expenditure on the acquisition, construction, renovation, expansion, improvement and maintenance of your home, as well as payments for items of basic services including water, gas , electricity, telephone if you have a home business, are deductible.
• Have a proper roof gives you security, without worrying that the owner will not renew the contract or the lease will rise much. Once you pay the mortgage, your family will eliminate this large expenditure of your budget and you can use this money for other priorities.
• If the house is yours, you’ll want to do renovations or decorate as you like.
Cons of having your own home:
• When you own a house, maintenance and any changes you want to do in the house they are your responsibility.
• You are also responsible for additional costs such as flood or earthquake insurance, property taxes, maintenance costs and condo to pay for maintenance of the common areas and exterior of buildings and terrain.
• When you own a home, it is more difficult to move as when you lease. You may have to sell or lease your house before you can buy or lease another.
• It is also important to understand that you could lose your house and everything you have invested in it if you do not pay on time payments of housing loans.
Buying a home for many is one of the most important decisions you will ever make. Approach the decision calmly and if it suits you and make this step.
Your turn: Please share your thoughts about owning a home: