Homeownership is the American Dream, right?
Owning a place to call home, being able to paint the walls purple if you like, that’s what everyone wants. Isn’tit? The reality is there are pros and cons for buying a house. Understanding them can help you make the best decision for your goals.
Pros for Buying
This might seem obvious, here are 3 main reasons to buy a home.
1. Financial Advantages–A home is an asset which should appreciate over time, providing wealth building opportunities.
you want those purple walls or granite countertop….you can do it.
3. Roots-Regardless of whether you have children, there is a natural desire to be part of a community: to have a local coffee shop, dry cleaners, and food markets.
As with all things, there are considerations which mean this isn’t the right time to buy a home.
1. Increased Monthly Costs– While not always the case, in some instances your monthly mortgage could be larger than comparable rent.
2. Freedom-A renter can move from one city or state to another very easily which allows you to move when you need/want to.
3. Upkeep-You are responsible for the repairs and upkeep of the property. Unexpected problems can become quite expensive if you are unprepared.