Pros and Cons of Homeownership

Many people would agree if one would say that owning a house is definitely a fulfillment. It is one of the biggest financial decisions one has to make. After all, the amount that you have to release in paying a house is something serious.

That is why it is understandable if you are going to say that you consider so many factors before you purchase a house. It is perhaps normal to ask a lot of questions about how you are going to manage buying a property that you know would be yours for the next 40-50 years. You would want to be sure that every dollar put into the house is worth it, whether it is Las Vegas garage door repair or Oklahoma City HVAC inspection.

Since home ownership can be considered as an investment and since you are definitely going to be releasing a huge amount of money, it is important that you consider some advantages and disadvantages of buying a property. You would also like to be reminded of the pros and cons of renting a home.

Some people who cannot afford to buy their own property settle for years inside a small apartment. They tend to have this mentality when it comes to choosing an apartment as a suitable place for them.

So what are the advantages of owning a house?

  • Having your own house means total privacy. You can live your life whatever or however you want. Nobody is there to remind you of each thing one-by-one.
  • Properties such as houses increase in value throughout time. If you are going to buy a house, we are not just talking about a property that you would have today. We are also talking about a property that your next generation would be thankful for.
  • The money that you are going to spend monthly would be fixed. Unlike renting, you can predict the cost of your monthly mortgage.
  • When you call yourself a house owner, you know that there is so much pride in it. You can walk the streets knowing you did a really good investment.

What are the disadvantages of owning a house?

  • As people are saying, homeownership is a long-term commitment. And it depends on the house that you want to buy and your rate on how you can pay for it. The more expensive the house is, the longer you might be able to complete your payment for it.
  • Maintaining your own home is another thing you have to consider. Imagine if your steel garage door is covered with rust. Of course, you have to call your garage door repair as soon as possible. You don’t have a landlord to do that for you.
  • Owning a house is commitment. Yes. You will not just be committed financially but you are also going to be committed socially. It will not be easy to just pick and leave a location.
  • The value of your property may not increase especially on the first few years. So you have to be very patient while waiting for its value to blow up.

Considerations in Choosing Your Home Location

Your home location matters. It is one of the most important criteria that you definitely have to look into when thinking of purchasing your new home. This is vital because you will be investing a lot of money into it. As such, it is important to research and be prepared for the challenges of house hunting and purchasing a home. Check out tips by Forbes.com on what first time home buyers need to consider.

 

However, we at Fancy Francy would like to offer you our thoughts on the most important things that you should look into when choosing the most appropriate home location. Here goes:

 

  1. Proximity to schools, grocery stores etc.

 

If you have children, it is very important that you are located near schools to make it easy for your children to go from home to their school. Being near schools oftentimes mean that you will also be near groceries, parks, hospitals and other social amenities. This is important especially if you are raising young children. As they say, proximity to amenities, including a shop specializing in transmission repair in Phoenix, AZ, can oftentimes be a major factor in the final decision leading to home purchase.

 

  1. Security

 

In any home purchase, security must always rank high in your criteria for choosing your home location. You have to make sure that you and your family are located in an area that is safe and secure. Thus, it is important to check statistics such as crime rate, the neighborhood etc. As around, do your research, check police and newspaper reports.

 

  1. Proximity to your work area.

 

Having a home that is near your work place also ensures less stress and time commuting from home to your workplace and vice versa. Heavy traffic can be a major pain and can cause unnecessary stress. Save yourself from headaches. Find a home that will not require you to drive or commute for hours on end.

 

  1. Cost

 

Homes that are near schools and social amenities or are in good neighborhoods can be a bit expensive. As such, you have to weigh the importance of these conveniences vis-a-vis your budget and your need for them. There are certain neighborhoods which might be a bit of a distance from the city center but are more secure or have good transport facilities for schools and work. The important thing is to do your research so that you will be able to find these places. The internet is a godsend as it enables you to simplify your research with just a few clicks.

 

  1. Your neighborhood

 

What kind of neighborhood are you looking for? Do you want a quiet one? An artsy one or maybe even an eclectic one? Now, it is quite easy to find the kind of neighborhood that you like. You can ask your real estate consultant or you can search it yourself online.

 

Now are you ready to look for the home location that is most appropriate for you? Let us know if you have questions.

Advantages and Disadvantages of Renting A Home

Everyone needs shelter for themselves. As much as a person would like to have his or her own home, some people just cannot afford purchasing one. That is why they end up renting a small space somewhere. They would like to rent an apartment or a bungalow because for them, it would be more convenient.

Although some people are considering renting as a waste of money, it cannot be denied that there are people who are considering the positive effects of renting a home for them. Many people would seem lift an eyebrow to people who are just renting their space but if one would take a closer look, they would understand why despite the benefits of owning a house, people are contented renting a space.

Here are some of the advantages and disadvantages of renting a house.

Advantages:

  • The very first thing that renters consider is the cheapness of their monthly due when they rent a house. It is safe to say that not all people can afford the monthly dues of buying a house. That is why they settle in renting. Depending on the negotiation with the landlord, there are times when the rental fee covers the utility cost.
  • Renting a house offers flexibility. You can just finish your contract or suspend it anytime. Therefore if your job requires you to do so, you may move to other places in just a snap.
  • Your landlord can be solely responsible for maintaining the space. He or she must think of the utilities.

Disadvantages:

  • The money that you are going to let go every month goes directly to your landlord. Imagine paying dollars every month despite knowing that the property will not be yours.
  • There are no tax incentives. Your mortgage will not deduct tax from you because you are just renting.
  • What you can do to your home is definitely limited. There are just few things you can alter or add on your home maintenance.