Pros and cons of owning a home:

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.

• The house is a large asset that can inherit your family.Home ownership

• 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:

2 thoughts on “Pros and cons of owning a home:

  1. Great post! I’m a person who prefers not owning a home but my wife is the opposite! One of the biggest reasons why I do not want to own a home is because in my opinion, owning/building a home is like building a website (or vice versa!) – the work never gets done! It is rare that a day will come when you will sit back and be happy with the work you’ve put in so far and say – that’s it, now no more work on this! Even if that day comes, then you will soon be staring at the list of maintenance works to finish. At least, this is what I’ve learnt observing my friends and family who have houses. What are your thoughts on that?

    1. Hi Shaz,
      Thank you for stopping by again!
      Yes I agree owning a home does require maintenance, however majority of the maintenance can be done by the homeowner. With all the DYI videos available on UTube you can build your own house time permitting! Also owning a home is part of your assets. As you pay down your mortgage your building equity.

Leave a Reply

Your email address will not be published. Required fields are marked *

*