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Benefits and Drawbacks of Home Ownership

If you are considering buying a home, there are many advantages and disadvantages associated with it. It is vital to weigh all of them no matter what type of house you want to buy be it a townhouse, apartment, sprawling ranch or beachfront condo. 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 they have collected substantial equity in their house. They love the security of knowing they can draw on that equity if they need money for their kids’ education or medical expenses.

There’s nothing much better than seeing children play in your backyard rather than needing to take them to the park. Most people appreciate knowing that their children won’t need to shift neighborhoods and will grow up with all friends and the same schoolmates for many years. Single people and senior citizens love the freedom that comes with home ownership. They may paint the walls with the colors of their choice, build customized shelves and put up a satellite dish for their television without worrying about what the landlord will think. Possessing your property also removes those nagging fears regarding the rent being increased once in a while.

Housing prices will fluctuate a bit, but historically, it has proven to be one of the major investments over 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 rent a home, the maintenance responsibilities do not fall for 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 very expensive and hiring experts to do the maintenance work is something that you need to think about. It might not be a good idea to buy a house if you cannot afford the extra costs.