Becoming a homeowner is part of the American Dream.
What’s the first thing that comes to your mind when you think about buying a house?
Probably the mortgage.
Then you immediately think about the initial down payment, how long will it take you to pay off the mortgage loan, the future costs of repair and the list goes on.
We know what you are thinking – are we for or against becoming a homeowner?
Well, our answer depends on your needs and a couple of other things. To help you make your decision, here are the pros and cons of owning a home:
One of the best benefits of owning a home is that you get greater privacy. No one can step foot on your premises without your permission. If you were previously renting, then you will truly understand the value of owning a house when there will be no landlord banging on your house, demanding rent.
You Can Customize Your Home However You Like
How many times have you stopped yourself from hammering a nail on the wall for hanging a frame? You didn’t like your apartment’s paint but you weren’t allowed to change it. That’s the drawback of renting. On the other hand, you can do whatever you want in your own house. You can renovate it to your heart’s content whether it’s tiling the kitchen or breaking down a wall to make your lounge more spacious.
No More Monthly House Payments
Once you have paid off your mortgage in full, you won’t have to pay a single penny for living in the house. This is perhaps one of the biggest benefits of becoming a homeowner.
High Upfront Costs
Most people struggle with collecting the initial down payment for the house. It takes them years to gather this money. On top of that, if you have a bad credit score, then chances are you will get a loan with high interest rate or no loan at all.
From taxes to repairs, insurance, etc… there are just too many expenses involved with a house. The costs don’t seem too daunting if you have a steady paying job. However, if you are on a budget, a repair in the middle of the month can cause a kink in your savings plan.
After mortgage interest and taxes, most of your money will go into landscape maintenance and if you live in a community run by HOA, then you will have to pay a certain fee to maintain your house. If you don’t desire this feature, then work with an Orlando realtor to find the right house.
It might seem that the cons weigh more than the pros but in the long term, the equity you will build in your house will be the biggest reward.
So, what’s the verdict? Why not talk with an Orlando realtor to look at the options you have? Get in touch with a qualified Orlando real estate agent by visiting Megan Dowdy Realty. For further information, call on 407-509-9279.