The Pros and Cons of Being a Homeowner

We’ve seen that most people regard a home as the most important investment of a lifetime. In contrast, there are others who feel that buying a property is not really an investment, but something that’s required for a stress free existence.

Whatever the case, home purchase does involve spending a substantial amount of money that could be used elsewhere for possible better purposes. But yes, there are certainly some intangible benefits associated with buying a home. And you cannot easily set a price for these. We’ve listed some advantages for you:

There most likely won’t be a reason for you to get kicked out of your home

Even if you’re comfortably settled in a rented house and are utterly blissful, who knows how long it’ll last. All said and done, you’re not the owner of the house. Your landlord has the liberty to unceremoniously give you a notice of 30 days and there your blissful world comes crashing down.

You have to frantically search for another suitable rental and a moving company. Maybe you’ll never get the same lovely neighborhood again, the same conveniences and goodbye to many other things!

If you have your own home which has been properly selected to include everything you ever wanted, you’re in an eternal blissful state. No one tells you to move out and you can live there as long as you wish.

You can customize your home

When you’re staying in a rental, there’s almost zero desire to improve it. Why bother? You’ll spend money and maybe your landlord will have objections. You might even lose your deposit if you try.

In a place you own, you can make little customizations to make life cozier. For example, you could make your home more energy efficient, which would save money and benefit planet earth too. You could do things like splitting a room into a couple of smaller ones, plan a garden and do other interesting things.

Though it’s hard to measure, some improvements really improve happiness levels. On the flip side, homeownership has its own disadvantages.

What if the new neighbors are a nuisance?

Your lovely neighbors moved away and now you’re stuck with noisy, troublesome ones. They hate your dogs. Worse, they’re considering getting a vicious pitbull. Annoying neighbors can make life truly difficult.

Resolving the issue by selling your house is an expensive affair- definitely more expensive than changing a rental, even if it involves breaking a lease.

What if there’s a rotten homeowners association at your condo?

We’ve heard horror stories related to egoistical HOA presidents who have their own highly priced pet projects. Also expensive assessments that you’re forced to accept. Suffer in silence – it’s a way of life, no choice.

Homeownership costs money

While some people regard mortgage payments as a type of forced savings, isn’t living on rent forced frugality? Almost all renters are free of hassles related to weekly trips to the Home Depot. They don’t have to worry about what type of kitchen tiles to get when some break. Simply calling the landlord resolves most issues.