We are back again to shed all the necessary lights on issues we believe would be at the core interests and curiosity of our numerous readers and customers! Besides the fact that buying, owning, building, or selling a home is one of the biggest financial decisions you could ever make, there is also an emotional side to home ownership.
Your home, even better than your car, is literally your first baby, and most definitely you would want to know what it entails to acquire one. Let’s break it down together.
Pros of owning a house
Long-term investment: Whether you are building from scratch, or buying an existing structure, you are in for a good time for a long time. Even if the value of the structure itself depreciates, the land on which it sits can become more valuable. Real estate appreciates primarily because of the land on which the home sits, while the actual structure depreciates as time goes by. Regardless, you are investing in an asset for yourself, and even generations after.
You’ve got a good pension plan
There is no doubt that owning a home is one of the fundamental means of accumulating wealth as we age. In fact, buying a home is one of the best long-term investments you can make. Additionally, aside from the apparent stability of settling on a place to live and not having to worry about moving or being evicted, owning a home also provides social stability.
Pride, Privacy, Pleasure
The pride that comes with becoming a home owner is enviable. The privacy of being able to do what you want, live how you want, and the pleasure of being able to make necessary renovations when and where needed is also an added bliss.
Again, we tag them ‘Not-so-cons’. Which simply means the advantages beat the disadvantages. So you really wouldn’t worry yourself about them, although they are still as important.
To buy or build a house from scratch, your bank account has to do a great magic stunt! Just kidding. But truly, owning a home requires you to have a certain amount of money.
If one of the advantages of home ownership is stability that means it will be more difficult to accept an attractive job offer requiring you to pick up and move to another city.
The hitch. You have to fix everything around the house yourself. And if you have tenants, you are responsible for them as well. From plumbing faults, little renovations here and there, to electrical issues, security, pest control, and more. Regardless, owning a home is beautiful