The step from renting to buying is a huge decision that takes a lot of time to decide. You and your family could happily live in a house for as long as you want, or you could be stuck in a place you don’t like and might have trouble selling. While owning a house might not be for everyone, it is definitely something that everyone should consider.
Upsides of owning a home:
- A home is cheaper in the long run.
A monthly mortgage payment is typically larger than your average rental payment. However, part of that payment builds equity in the home. By the end of your mortgage, you own the home and don’t need to pay for it anymore (besides utilities and property taxes). You can also sell the home. When you rent, however, you’re never seeing any of your monthly payments ever again.
- A home is a great place to raise a family.
With a house, you’ll probably be able to fit more bedrooms for your children, more space for the family pet, a playroom, and have backyard space for sports. These are a few of the many reasons why a house is the best place to raise a family.
- A home is typically larger.
While there are some big apartments, and some small homes, a house is usually much larger than an apartment. You’ll probably have your own garage and yard, and plenty of storage space. With extra rooms, you can do many things with them, which brings us to another upside of owning a home…
- You can customize your own space.
Upon moving into your new home, you can do almost whatever you want. Paint the walls. Adopt some pets. Get the washer and dryer you want. Plant your own garden, or build a porch. Remodel the kitchen or bathroom. If you have an extra bedroom, you can turn it into a game room, or an office to work from home. There are endless possibilities, and no landlord to tell you what you cannot do.
Downsides of owning a home:
- Requires upkeep
Most apartments pay for grounds keeping and some maintenance. With a home, however, you’ll need to mow your own lawn (or pay someone to do it for you) and find your own plumber. The amount of upkeep highly depends on several factors, such as the size of the yard and the age of the house. These are things you should consider when house-hunting.
- Financial commitment
There are closing costs associated with buying a home. In addition, there is hassle of moving. You shouldn’t buy a house if you don’t plan on living in it for at least a few years. In addition, you should try to keep a steady income for the life of the loan, which can vary from 10 to 30 years.
At the end of the day, a house is a great way to settle down and build some roots. If you can deal with the maintenance and financial commitment, a house is well worth it.