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Looking On The Bright Side of Houses

Benefits and Drawbacks of Home Ownership

If you are looking at purchasing a home, there are lots of benefits and pitfalls connected with it. It’s essential to consider every one of them no matter what sort of house be it a townhouse, apartment, sprawling ranch or beachfront condo you wish to buy. 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 peace of mind that one gets with not having to deal with noisy tenants in the neighboring apartments that 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 adore the security of knowing if they want funds for medical expenses or their children’ training, they can draw from such equity.

There’s nothing much better than seeing children play in your backyard rather than needing to take them to the park. Many folks love knowing that their children will not need to change location and will grow up with the same friends and schoolmates for several years. Single folks and senior citizens love the independence 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.

Historically, it has proven to be one of the more important investments with time although home costs will fluctuate a bit. Instead of pouring your money down the drain paying rent, you can make a lasting investment in your future.

There are several disadvantages to consider even if owning a home is everyone’s dream. Unless the tenancy agreement states otherwise when you lease a house, the maintenance responsibilities don’t fall on you. It is very different, when you have a home. This includes decorating, painting the interior and outside of the house, cleaning the gutters and downpipes, hiring pest control companies to dispose of any pests that could invade your home as well as getting repair men to fix any section of the house that may 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 quite expensive and hiring specialists to do the maintenance work is something which you should think about. If you cannot afford the extra costs, then it might not be a great idea to buy a home.