Are you hanging on a balance, confused, and repeating the same conversations in your head on whether you should buy a house?
Stop the one-way debate and read these pros and cons of buying a house by Trulia:
Pro: Ability to Customize
Compared to being a renter, owning a home allows you to customize your surroundings however you want. Hate the laminate countertop or the chintzy kitchen cabinets? When you own the place, you can make your home your canvass. You will not have to ask for somebody's permission before changing the wall paint or knocking down a wall.
Pro: Freedom to live how you want
As an owner, you have the freedom to do what you want as long as it's not illegal or you are not causing trouble to the neighbors. Unlike renting where you are subject to your landlord's rules about pets, outdoor spaces, and other lifestyle choices. You can have five cats if you please, or host a cook out every weekend.
Pro: Financial perks
If you own a home, you are building equity. You can also write off mortgage interest at tax time, get tax credits for certain improvements (such as energy-efficient windows), and turn your unused rooms into rental units for extra income.
Pro: Fixed monthly payments
Unlike renting, owning a house means a steady mortgage (although in some cases, they could go up). But over time and as inflation kicks in, you will be paying cheaper dollars for your mortgage. Landlords have the right to increase your rent every after your finish your lease agreement, which means that your landlord can legally do a rent increase every 30 days if you are on a month-to-month lease.
Con: Less flexibility
Owning a house can mean saying goodbye to top-quality amenities that you were used to as a renter. That includes no longer having access to a swimming pool or an on-site gym, and the valet trash service.
Con: More responsibility
Now that you have a home in your name, this means that you no longer have a landlord to take care of that leaky faucet; you now have to make time to mow the lawn in the summer and shovel snow in the winter.
Con: More financial pressure
Owning a home is equivalent to long-term financial responsibility. Unlike if you are a renter, you can just transfer to a less expensive place if you happen to get hit by a financial hardship. Being a homeowner means being stuck with a mortgage and if the idea of a monthly payment for 15 to 30 years is already making you sweat, maybe you are not yet ready for homeownership.
Con: Costly surprises
Another downside of being a homeowner are the surprise (and seems frequent) repairs like a roof that suddenly starts leaking. It is your home and you will be the one to have to take care of that problem whether you like it or not. While when renting, your biggest fear is a rent increase once your lease is up for renewal.
