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Pros And Cons Of Buying A Home

2194 words - 9 pages

Most people, today, are looking forward to buying their first property. When individuals decide to buy a house those individuals would have to look at all their options and all the advantages and disadvantages that come from purchasing a house. The economy plays a huge role in the decision whether people will purchase a house, purchase a condominiums, or rent property.
An option for individuals look are looking to buy property have the option to purchase a house. The advantages are: “pride in ownership, privacy, own land, tax benefits, fixed rate, security, and can renovate to their desire. The disadvantages are: less flexibility, mortgage has interest, more stress about money, requires down payments, closing costs, and moving costs, need to have a fixed income/stable income, and bank may take over house if payments are not made” (Zillow, May 12th 2012 ). Pride of ownership is advantage because it gives those individuals accomplishment feeling and shows their hard work paid off and do not have to deal with landlords anymore” (Free Advise Staff, unknown date). Privacy is another advantage because it gives the homeowners the freedom to do whatever they wish and not worrying that they will break the rules. Owning land is an advantage because “every time you pay off your mortgage individuals are gaining equity and increasing your assets” (Chapman’s lecture, unknown date). Another advantage is individuals will get a “tax benefit which will help pay off the interest of the mortgage and increases income” (Kirlew, Unknown date). Security is an advantage because in the “long run if some individuals want to have kids those individuals do not have to worry about moving each year, but instead helps their children grow up in a loving environment” (FreeAdvise Staff, 2014) If individuals “want a pet, they do not have to worry on getting in trouble by the landlord who does not allow pets” (Lerner, 2014). Another advantage is the homeowners do not have to worry if they are allowed to upgrade, or make changes to the house because the house is their property and as long as they can afford the upgrade those individuals can change anything about their house. A disadvantage of buying a house is the home owners are less flexible if they get a new job and have to move, or if they dislike the neighbourhood they are in because those individuals have to sell the property and takes longer time to do. Another disadvantage is the “mortgage has interest which causes the homeowners to pay more for the house making it less affordable” (Lerner, 2010). The stress on money is also a disadvantage because homeowners still have to pay their mortgage plus insurance, taxes, interest, utilities, and maintenance expense that occurring during the time of living on the property. Another disadvantage are “the down payments, moving costs, and closing cost which you have to pay before you move in or before you move out” (O’Brien, 2014). Homeowners also need to have fixed/stable...

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