Most people consider owning a house as a source of pride. It is one thing most people always dream of having, a place they can call their own.
However, that does not mean owning a home is a great choice for all. There are people who find it not that convincing and will prefer staying in a rental house.
Before you make a decision to buy a house or rent a house, we will be taking you through some of the pros and cons that come with purchasing a house.
Pros
Great and Long Term Investment
When you take your time and carry out extensive research and settle for a home in the right neighborhood, the home’s worth will definitely increase over some period. That explains why most of the home buyers in Brain Oaks Conway SCprefer settling for a house that is an upcoming neighborhood. They will purchase the house at a cheaper price and wait for its value to grow as the neighborhood develops.
Your Payments will Help Lead to House Ownership
Paying your rent on a monthly basis will take you to a dead end. When you lose your job and cannot afford paying the monthly rents, the house owner will definitely get you out. However, with SoCal home buyers a house, the payments you will be making will be leading to you owning that house. That will ensure you are always secure even when you lose your job or retire.
Tax Benefits
The interest you will be paying for the mortgage will always be tax deductible. Whenever you take out some home equity loan for home improvements, there are high chances it could be written off on the taxes.
Make Changes
Even when you are not done with paying the mortgages, you can always make some changes to the house. You can upgrade the kitchen, expand its rooms or install a deck. However, with rentals, you are not allowed to make any changes without consulting the house owner.
Cons
Upfront Costs Are Costly
Down payments, appraisal and other fees will be more expensive compared to the last and first month rents. You will not have to worry about any fees that a renter experiences apart from things such as water or electricity bills.
Depreciate
Although home is a great and long term investment, the market is always moving on a downward direction. There are better and modern homes coming up which will make yours to depreciate after some time. Although it will take years, it will at last depreciate at some point. Despite depreciating, the land value will always be on the rise and you can always make it up.
You Will Be Responsible For Maintenance
No one will be checking your house. There is no landlord to take care of painting, replacing damaged faucets or upgrade the kitchens. When you own a house, you will be taking care of all the repairs.
There you have it! We hope you are now aware of the pros and cons that comes with purchasing a house.