Home Ownership: The Advantages & Disadvantages
When you own a home, you take on a number of financial responsibilities that you don’t have when you rent. In addition, home ownership helps you build equity, enjoy significant tax deductions, build a strong credit history and help you create the home you want. You should be responsible for maintaining the condition of your property. Home ownership means you can do whatever you want to make your surroundings very pleasing, personalized and well gloomed. You can reflect you own taste by adding such things you really love. Home Ownership gives us freedom that we cannot expect when we rent. We have the freedom to make some changes in our home. It’s our castle! We can decorate whatever we wish for. Owning a home is a permanent asset whose value increases day by day. Making improvements on your property increases its value.
Despite of those advantages in home ownership, it also has its disadvantages. It costs more to own a house than renting ones. People often feel financially stretched and emotionally stressed in their expenses so they need to budget wisely and strive to maintain their lifestyle. Home owners have to pay taxes related to their property. The maintenance of the house is another burden, if you don’t make the required repairs, your property will depreciate. If you need to sell, it will take time. Unlike other investments that can be cash quickly, if you are going to sell a house, it can take months or even years to sell even in a stable market. It will have to depend in many factors. One has to sacrifice current pleasures just to own a house.
In spite of these advantages in home ownership, the satisfaction and benefits of owning a house has more powerful feeling for the owner but not all home ownerships prove to be full of satisfaction.