Buying a home is a big step, and like any other major decision, it has its pros and cons. Sometimes, particularly when we’re excited to step into the world of home ownership, we overlook the cons; other times, when we feel like we’re not ready to move, we overlook the pros.
The Ultimate List of Pros and Cons for Home Ownership
It’s important that you have a good overview of the pros and cons you’ll be facing if you decide to buy a Main Line home—especially if this will be the first home you’ve ever purchased.
Pros of home ownership:
- Home ownership may provide you with tax benefits.
- Owning a home lets you increase your assets by building equity.
- Purchasing a house is working toward eventual independence from mortgage payments, whereas renting a home simply pays for a roof over your head that you’ll never own.
- Owning your own home affords you privacy that you generally don’t get in an apartment complex.
- You can do whatever you’d like to the interior of your own home, whether you want to repaint, knock out walls or even create an addition (after you receive the proper permits, of course).
Cons of home ownership:
- You can’t simply call your landlord and ask him or her to make necessary repairs; instead, you’re responsible for all repairs and upgrades, and you’ll pay out-of-pocket for things that need to be done.
- You won’t be able to pack up and move at the drop of a hat. You’ll need to keep making payments on your home until you sell it.
- While it’s not common, some homes don’t increase in value. That means viewing your new home as an investment isn’t always the best way to look at things.
- You’ll need to handle yard maintenance, pay homeowner’s association dues (if that’s applicable in your neighborhood) and take care of the exterior of your home, as well.
- Home ownership might be more costly in the short-term than renting is, which can put a damper on your ability to save for other life events.
While that seems like a lot to think about, you don’t have to make that decision today. If you think you’re ready to purchase a home, call me at 610-608-3119. You can also contact me online if it’s more convenient. I’ll start a custom search on your behalf and point you in the right direction as far as where you need to go next.
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