The Disadvantages of Buying a Home
Owning a home is seen as the pinnacle of existence. You know you’re a fully-fledged adult when you have your own house. But, there’s absolutely no denying that this is probably the most significant financial decision you’ll ever face. So, it helps to know the whole picture before you buy.
Buying a house does have plenty of positives, but what about the negatives? I know that I’ve mentioned that for me, ownership is important. But, it isn’t for everyone. Here are some potential disadvantages to buying a home.
You Take On All the Responsibilities
When you live in a rental property, you get the added perks of not being responsible for a lot of the home. If there are issues with the structure, appliances, or central heating, then it all falls on the shoulders of the property owner. As such, you can save a lot of money on home repairs. You also don’t have to go through loads of stressful situations as well.
When you buy a home, all of the responsibilities are now yours. Regardless of whether or not you actually live there. If you were to rent your house out, then you’d be the property owner that has to take care of repairs and maintenance. For some people, these added responsibilities are too much. Both mentally and financially – so renting is the preferred option.
You Pay A Lot of Money for Something You Need to Improve
It’s rare to find a house that you are delighted with. Most of the time, you buy it, then pay even more to improve it to your desires. The only time this doesn’t happen is when you get a brand new house. Now, if you were to build a house, then you’d at least pay for something that’s designed to your exact preferences. So, it’s better value for money. If you buy, then you sometimes don’t get great value from the purchase.
You Get Lumped With a Mortgage
I’m willing to bet that most people reading this will need a mortgage to buy their first home. If you don’t know, this is basically a massive loan that you get lumped with for decades. As such, you spend the first ten or more years of living in your home paying off this debt.
So, is it really that different from paying rent every month? It can be a huge burden hanging over your finances, and a lot of people don’t like it. Of course, you can own a home without a mortgage if you have enough cash to buy one outright. If you choose to build one for much less than it costs to buy. Otherwise, renting may be the best option for you.
If you’re thinking about saving up to buy your first home, then maybe these points give you something extra to think about.
Do you own or rent?
Let me know, til then–cheers m’deres!
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Nancy Polanco is a freelance journalist, lifestyle content creator, and editor of Whispered Inspirations. She is a proud Mom to Gabby and Michaela, and wife to Darasak. Having worked as part of a health care team for almost a decade, Nancy is happy to be back to her passion. She is a contributor to the Huffington Post, TODAY’s Parents, and an Oprah Magazine Brand Ambassador.