Pros and Cons of Homeownership

5 Pros and Cons of Homeownership

Homeownership has been a plunge far more people have been taking since 2020, with the years since seeing major spikes in buying and market interest.

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If this has piqued your interest, and you’re curious about what this could look like for you: you’re not alone.

Instead of running over scenarios nonstop, these are five pros and cons to consider so you can figure out if you’re ready to buy a home.

You Get to Do Whatever You Want to the Interior

The most exciting part of owning a home is making the interior look enticingly welcoming. This means if you’ve always wanted a starry night ceiling mural or a kitchen that’s all hot pink subway tile: you can do it.

This can be fulfilling for anyone who has only rented and never allowed themself to enjoy the fun of doing anything they wanted to their home.

The Exterior is Often Beholden to HOA Choices

HOAs are extraordinarily common now, and many are charging as much as fifty to a thousand dollars every month, depending on where you live.

Unfortunately, this money doesn’t boost your home’s value by enough of a percentage to make it worth it: and you suddenly have to answer to any rules they set for the area. This could mean what colour your mailbox is and even what kind of lawn decor you put up.

You Get to Build Value By Paying Home Payments

When you own a property, the monthly mortgage you pay builds value. This is important because your monthly payments vanish the moment you do them in renting.

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Of course, renting your maintenance is covered in your rent payment: but that’s not something you’ll ever see a true financial return on.

There Are More Costs Than Simply Renting

When you buy a home, there are far more costs than you’d deal with from renting. Although the monthly mortgage price may be lower than rent in some areas of the city, it’s also going to be incredibly expensive to keep up with everything from property tax, to HOA fees, to lawn maintenance.

Therefore, you must keep an unbiased view of these expenses so that you don’t have to start looking at a seller’s closing costs calculator within a year of buying a home. 

You Have Your Neighbors for Far Longer

Having the same neighbours for an extended period is something that everything should consider because it can easily be a pro or a con depending on how you and your neighbours get along.

If you like each other, it can be an amazing relationship where you help each other out and become friends. If you don’t: it can quickly become a point of tension that makes you resent buying the home.

There’s Nothing Quite as Divisive as Home Ownership

Everyone deserves a safe and comfortable place to call home. Whether or not you own this property is up to you and be prepared for everything that can come from it: both the good and the bad. Above all, make sure to avoid some of the real estate mistakes 

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  • By Dan Gold on Unsplash

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