Some people dream of the day that they will finally be able to own their own home while it sounds like an absolute nightmare for others at the thought of everything else they will have to put away money for when it comes to additional home expenses. There are several benefits as well as disadvantages to buying your own home, and below is a guide that will delve into both so you can make a more informed decision as to whether homeownership is the right choice for you or not.
You can have more privacy
If you are a private person that does not want neighbors so close to you that that they can see into your windows if they are not closed and hear what you are doing in your home if you are too loud, then owning a house may be the right choice for you. Let’s face it, apartments can be great especially if you are not in need of too much space, but there is very little privacy when you rent an apartment. Your neighbors know when you leave the house and come home, they can see straight into your home if the blinds are open, they can overhear conversations you have that are supposed to be private; again, this may not bother you but if you prefer your privacy then homeownership may be the way to go.
You can put custom touches on a house that you own When you own your own house, you can customize it to your own tastes and make it into something that you really love and that matches your style. When you rent a home or apartment, there is only so much that you can do to make it your own. You can’t drill stuff or hang things on the walls as you can in your own home. If you want a truly customized home that fits your style, then buying a home would be your best bet.
However, you can put whatever you want in your own home. The furniture and decorations are yours to choose from. Make a good choice when you pick out your mattress. You might have wondered about a Nectar vs Purple mattress. Though both are great mattresses, the Purple mattress is becoming a favorite very quickly. Do your homework and find out why.
You can pay down a house
If you own your own home, there will come a day where you will be able to say that your home is paid for and you no longer have to pay your monthly mortgage! Then you can use the money you were paying for your home to do anything you want to do with it! Whether it now be fun money or money you can use to invest in something else, that money is back in your pockets once again. When you rent a home or apartment, then the fact is that you will never be able to pay those payments down. You will always have those payments you owe which could hinder you from doing other things with your money.
There are some disadvantages to owning your own home as well and it is not all sunshine and daisies. Some of the disadvantages of owning your own home are as follows.
A house comes with extra costs
When you own your own home you don’t have a landlord or a rental company who is going to come, pay for, and fix any maintenance issues that arise. Anything that happens to your own home will have to be paid for out of your own wallet, and those kinds of expenses can add up quickly. You have to be ready to save up for and pay for those types of expenses, which is a definite drawback.
There are a lot of upfront costs in buying a house
When you buy a house, you are not just going to be paying for the costs of your mortgage payments that come every month. You will also have to save up money for the initial costs that go into buying your home such as an appraisal, exterminator fees, down payments, getting utilities turned on, a home inspection, and any repairs that need to be made, etc. When you start thinking about buying a house, you will need to set aside money for these costs and plan accordingly so you can pay for them.
There are a lot of advantages and disadvantages that come from buying a home whether it be your first home or your tenth. Before pulling the trigger and buying a house or renting one, think through all of the facts and figure out whether or not you can afford it.
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