Knowing the pros and cons of becoming a homeowner is a must if you’re thinking about buying a home. You don’t want to make the mistake of getting into something you can’t afford or won’t want to live in for the rest of your life. Check out this list of the most important advantages and disadvantages to decide if you’re ready to buy a home or not.
Renting is Expensive
Unfortunately, the cost of rent continues to rise. The average monthly rent in the UK is more expensive than the average monthly rent in any other European area. So, what is causing the increase? The demand for housing increases along with the cost of living.
While there is a demand for housing, there aren’t enough properties to go around, thus making it possible for landlords to charge more for rent each month to those who’d like to have a place to live. Buying a home could save you more money, allowing you to pay less each month on mortgage expenses. However, you need to be able to save the house deposit up first, before having a chance to buy a home.
You Have to Deal With House Repairs Yourself
While owning a home may cost you less because the cost of rent continues to increase, one bad thing about owning a home is that you have to do the repairs yourself. With plenty of Calgary homes for sale, if you are in that area, it’s easy to have an interest in buying a property instead of renting one. If something goes wrong, you can’t expect someone else to cover the cost.
However, you can buy homeowner’s insurance. If you have insurance, it may cover the cost of damages that occur, but that doesn’t mean you won’t foot the bill for some expenses. And, if you decide your home needs an upgrade, you’ll need to pay out of pocket for those expenses to make the house look new.
Once You Pay Off the Home, It’s Yours
The great thing about buying a home is that you’re paying monthly toward something you’ll eventually get to own. Some people feel like they’re throwing money down the drain when renting because they’ll never end up owning that property. If you’re paying a specific amount each month in mortgage, a lot of that will go toward the overall price of the property.
When you get it paid off, you can feel a sense of relief knowing that you own the property. There isn’t a better feeling in the world than knowing something is all yours. Of course, that gives you the option to sell it for a profit and buy a different home if you want.
There are both pros and cons that come with buying a home. While buying a home is ideal for owning the property, you have to deal with any repairs. So, if the toilet overflows and causes water damage or if something breaks, you’ll need to replace it. On the other hand, when you’re renting, a landlord takes care of those kinds of things. The problem with renting is that the cost of rent continues to rise, making it unreasonable for many people. Those who feel renting is too expensive may want to consider buying a home to pay less in mortgage each month.
I personally prefer to own my own home. It means the money you pay each month goes towards reducing a mortgage rather than straight into someone else hands with you having nothing to show for it.
We are in the process of buying a home. For now, it’s a lot of cons. I’m waiting for the pros to kick in.
I definitely feel like it’s better to own the home. Yes, there are a lot of expenses, but it’s yours. You worked for it. You can do what you want without asking a landlord, and at the end of the day, your money is going towards something you own and can make money on when you sell it.
I prefer to own my own home as it means I can make all the changes to the house that I want to and I’m not paying for someone else’s mortgage x
After reading both the pros and cons of buying and owning a home, I still think that having your own home is much better than renting as I have done both and it is always comforting to know that the house is yours
Great post. I always believed that owning a home is far better than renting! We can do whatever we want, we can keep pets too without asking for any landlord’s permission!
It’s a daunting process and like big decisions, there are always pros and cons. I think however the pros outweigh the cons if you go with a plan and a budget.
I hope to own my own home someday but it feels like such a scary and “adult” process to be honest!
I am so thankful that we bought a home last year. It was such a life changing experience in comparison to renting.