Buying a home is a bit of a milestone in a person’s life. Investing in a house is like getting financially married:
you are committing financially, geographically and physically to a building for 25-50 years.
Its an amazing accomplishment which brings with it its own pros and cons, so today we are going to have a look at what those pros and cons are, to let you know you are not the only one that has these worries.
Pro 1: You are a homeowner
Welcome to the world of homeownership! Being a homeowner changes a person. First of all, you will find an increase in your commitment to work, bills and interior design.
If before you bought a home you were happy to receive the occasional red letter bill, or live without curtains, now:
these things will be of utmost importance to you and your perspective on fiscal responsibility will most certainly change and create in you a greater sense of personal responsibility and care for your new home.
Con 1: You are financially bound
Of course, being fiscally responsible is a good thing, but being responsible for a mortgage and all of the bulls can really limit your feelings of freedom and being able to do things such as go on spontaneous holidays or dinners out.
Now and forever, you will always have to pay your monthly payments on top of any other activity you do and this can feel limiting to those free spirits who like to live in the moment.
Pro 2: You are taken more seriously
Every time you have any kind of financial conversation whether it be for business, personal or banking, you are asked the question:
“do you own your home or do you rent?”. If, until now you have been renting, you will be used to a particular type of conversation and particular set of financial options that are available to you.
Once you own a home, you are a significantly more viable choice for loans, investment opportunities and all other types of financing opportunities.
Con 2: You are taken more seriously(!)
Of course this can be a con as well, as if you are not responsible then you could end up securing all manner of debts against your home which can land you in a great deal of debt very quickly and lose you your home as well.
Be wise, be responsible.
Pro 3: Its yours to do what you want with
When you own your home, everything about it is customizable to how you like it and this is really great if to date you have been renting and had to ask the landlord every time you needed to replace the toilet roll holder.
Now, you can have the floors, walls, gardens and sofas you want which is a brilliant perk to any home environment.
Con 3: You are ultimately responsible for everything
Just as you can customize the home, so too can you easily wreck it if you do not take proper care of it, and this is especially true if up until now you have been living with mum and dad who have fixed, paid for and replaced everything in your living environment for your life to date.
In your own home, when the drain is blocked, you have to fix it. If you are burgled, you have to deal with it.
Everything from insurance to repairs, to furnishing and cleaning is all your responsibility, which can be overwhelming if you have no experience of living by yourself and all of the responsibilities that come with it.
Buck is a writes abouts purchasing homes and is always happy to give advice.