Decision to Buy Home ownership is one of the biggest emotional and financial decisions you'll ever make, so prepare yourself to make a knowledgeable decision. Although buying a home almost always seems like a great idea, it is important to understand what homeownership involves. Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you're ready.
When most of us consider becoming homeowners, we immediately think of how wonderful it will be. It is true that there are a lot of good reasons for wanting to buy a home. Here are some of the main advantages of owing a home:
- Financial Security: if housing prices rise, your home can provide you with some financial security due to capital appreciation
- Flexibility: you can decorate or renovate your home to meet your own family/s personal tastes and needs
- Stability: having a place of your own
The downsides: main disadvantages of owning a home:
- Financial Stress: coming with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash and can put considerable stress on your finances
- Maintenance, keeping your home in good shape requires time and money
- Higher costs: you may pay more each month for housing than you did as a renter. There are also extra costs for maintenance and property taxes
- More responsibility: you alone are responsible for payments, repairs and maintenance.
