With all due respect to Sir William. All across the world, families and individuals of all ages are debating the pros and cons of home ownership.
This is not a decision somebody would make overnight, and one would have to evaluate the good side and the bad side of things first.
What Makes Owning a Home So Good?
Having your own home is something many people strive for especially for those thinking of starting a family. You have carte blanche to decorate the home in whatever way you want, and you have a sense of security because after all, you own the home. You have absolute freedom to go nuts and decorate your house based on your tastes and personality.
One other advantage you have as a homeowner is the potential it has as an investment bargaining chip. Think of it as investing in real estate, only that you live in it as well. The US government, in addition, has a whole variety of different tax rebates that home owners can qualify for.
But the most salient benefit you get as a home owner versus renting a house is that your monthly payments actually go towards SOMETHING. Don't get me wrong here - you have a home loan, right, and when you pay it down, you are making payments that go towards a property that YOU yourself own! If you rent a home, there's only one person who will consistently be happy when the rent is paid - the landlord, of course.
Another interesting thing is when you own a home, your credit rating goes up a lot as well, thus you are able to get better loans at a lower interest rate.
Cons of Owning a Home
Of course, owning a home does not come without some drawbacks. One would be having full culpability for any accidents or mishaps that happen on your home. Getting a home insurance policy covering such cases can offset this. However, there is a cost involved.
You are also liable for any damage that is caused to your neighbor's property if the cause comes from you or your property. An example would be a fire breaking out from your home and spreading to your neighbor's homes damaging their properties. In short, if the cause of damage came from your property, you will be liable to pay.
Another stark reality you will have to deal with as a homeowner is Wear and Tear. Windows that seem so ubiquitous may need to be refurbished, you might have to renovate certain rooms or you may have to deal with rusty water pipes. From time to time, you need to spend some money on maintaining your house.
Your home loan needs to be paid on time and so is your home insurance. Therefore, it can take a toll on your financial commitments. Before you apply for a home loan, make sure your payment strategy is laid out in black and white.
While owning a home does give homeowners the perk of tax rebates and deductibles, you would still be required to pay property tax.
Bottom line is short and sweet - it is a huge financial commitment to own a home. So do your research, do your planning and prepare for the responsibilities of home ownership.
This is not a decision somebody would make overnight, and one would have to evaluate the good side and the bad side of things first.
What Makes Owning a Home So Good?
Having your own home is something many people strive for especially for those thinking of starting a family. You have carte blanche to decorate the home in whatever way you want, and you have a sense of security because after all, you own the home. You have absolute freedom to go nuts and decorate your house based on your tastes and personality.
One other advantage you have as a homeowner is the potential it has as an investment bargaining chip. Think of it as investing in real estate, only that you live in it as well. The US government, in addition, has a whole variety of different tax rebates that home owners can qualify for.
But the most salient benefit you get as a home owner versus renting a house is that your monthly payments actually go towards SOMETHING. Don't get me wrong here - you have a home loan, right, and when you pay it down, you are making payments that go towards a property that YOU yourself own! If you rent a home, there's only one person who will consistently be happy when the rent is paid - the landlord, of course.
Another interesting thing is when you own a home, your credit rating goes up a lot as well, thus you are able to get better loans at a lower interest rate.
Cons of Owning a Home
Of course, owning a home does not come without some drawbacks. One would be having full culpability for any accidents or mishaps that happen on your home. Getting a home insurance policy covering such cases can offset this. However, there is a cost involved.
You are also liable for any damage that is caused to your neighbor's property if the cause comes from you or your property. An example would be a fire breaking out from your home and spreading to your neighbor's homes damaging their properties. In short, if the cause of damage came from your property, you will be liable to pay.
Another stark reality you will have to deal with as a homeowner is Wear and Tear. Windows that seem so ubiquitous may need to be refurbished, you might have to renovate certain rooms or you may have to deal with rusty water pipes. From time to time, you need to spend some money on maintaining your house.
Your home loan needs to be paid on time and so is your home insurance. Therefore, it can take a toll on your financial commitments. Before you apply for a home loan, make sure your payment strategy is laid out in black and white.
While owning a home does give homeowners the perk of tax rebates and deductibles, you would still be required to pay property tax.
Bottom line is short and sweet - it is a huge financial commitment to own a home. So do your research, do your planning and prepare for the responsibilities of home ownership.
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