Home-buying has always been one of the greatest achievements in our economy. As prices rise & budgets grow tighter, it’s become quite a feat to successfully finance a home. That being said, what are the true pros & cons of buying? Are you better renting? Would your family and future benefit otherwise? Let’s take a look at the compiled strengths and weaknesses of home-buying to figure out the answer.
- Develop Home Equity – Investing in a home will build your home equity which can help you reap rewards in the future.
- Fixed Payments – With a mortgage, you pay a fixed monthly amount for a fixed period. Once you pay off your home, you’re finished.
- Pride of Ownership – Like I mentioned earlier, you’ll have the pride of owning a home with no strings attached. Your home is your home. That’s something to be proud of.
- Ability to Remodel – Owning a home gives you more freedom to renovate your home to your desire and liking.
- Home’s Can Lose Value – The market is a changing environment and your home’s current value won’t be the same in twenty years. While this may not affect your day-to-day living this can complicate refinances, appraisals, etc.
- Long-term Commitment – Buying a home is a long-term commitment. If you suddenly want to sell your home and move, it can’t be done overnight. Getting rid of a home is as tumultuous as buying one.
- Increased Liability – Defaulting on your mortgage payments can be an incredibly tough situation, with far more gravity than potentially defaulting with rent and working with your landlord to make up lost rent. Missing your mortgage payments can affect many of your assets for a very long time.
- Additional Taxes & Insurance – There are additional taxes & insurance costs you have to consider when investing in a home to ensure your family’s longevity and safety.
Make sure to consider all the facts before making this major decision for you & your family. If you’re ready to commit and make one of the best decisions of your life, call me today to discuss the first step to owning a beautiful home.