Home Ownership: To or not to
Many homes are constructed with the intent to live in it, to occupy it. For fortunate individuals, it is sometimes inherited but nowadays a lot are being purchased from companies for purpose of Home ownership. Buying for Home ownership is usually the most expensive single purchase an individual or a family will ever make. It is several times an annual income of an individual or even a family. So putting all your chips in without knowing what you’re getting into is a big “No, No”
Home ownership gives a family or an individual the full right concerning the house and the land. They are allowed to proceed with any renovation they please inside the land and the home. They are protected from eviction and are given the right of occupation which can be inherited by next generations. Well, if you put it all like that, then home ownership is all good. But it doesn’t stop there. The house and land is sure to be expensive and so, the monthly mortgage will probably be the backfire to all your hard work. In most cases, the mortgage to be paid are more expensive than renting that it may not actually let you live the way you dreamed of it to be. To top it all off are the maintenance, repairs and the tax payment that may sum up and spell doom for your beloved money.
Home ownership is certainly a part of my plan in life. It could be a part of yours too. Just don’t jump in without enough preparation. Prepare for it mentally, physically, and of course, financially.