Divalicious, thank you for this guest post.
For most people, buying a house has always been a part of the life plan. Unfortunately, the instability of the housing market in the last decade is just now turning around, leaving many people uncertain that buying a house is the best option. Today, many young people are deciding to rent instead of buying. However, as the economy picks back up and the housing market recovers, the question about buying or not buying a house has become a hot topic again.
There are several reasons buying a house is advantageous. The first is that when you make payments towards your house, it’s going into equity. Contrary to rent, the more payments you make, the more you own your home. This is the reason many people decide to buy instead of rent, which they consider to be throwing away money on monthly rent. Buying a house will also provide homeowners with is that it offers tax deductions that offer yearly savings. And it’s always great to get a little money back!
Rentals usually have very strict policies on what you can do to the property. But, if you buy a house, you won’t have these restrictions. You can change your home and property to your hearts’ content. Being able to customize and make your home uniquely yours will you give a deep sense of pride that you can’t experience with rentals.
Unfortunately, there are also some disadvantages in owning a home. It is a huge financial commitment, one that you can’t get out of easily if your income changes. This means that, unlike when you rent, you can’t move around with the ease you have when you haven’t bought a house. And, since you’re tied to your house, if your surroundings or neighbors change, there isn’t much you can do, even if the changes are disturbing.
The number one disadvantage of owning a home is that you are completely in charge of the maintenance of your house. This can be simple things from unclogging a sink to large, expensive repairs, like foundation or roofs. And, over time, the costs of these repairs add up, making owning a home an expensive investment.
If you’re interested in purchasing a home, it pays to do research beforehand. The first thing you should consider is your finances. You need to be able to afford the down payment, as well as the monthly payments. And determine how long you really want to live in the town you’re buying house. If you can’t see yourself there for at least five years, you might be better off renting.
Finally, have a thorough inspection done on the house before purchasing it. You want to be aware of any problems the house has, so you can factor those costs into your budget. And, if the problems are serious, you might be able to lower the overall price of the home, which could be a win for you. No matter what, when purchasing a home, make sure it’s something you truly want to do.