When it comes to your living situation as an adult you are usually stuck having to pick between either owning a home or renting a home. Each option has its pros and cons; however, what matters is what option is going to be a better fit for you. Owning and renting both come with there own responsibilities, the important question to ask if which set of responsibilities you feel comfortable adding on to your plate. Many people see owning as an initial better move for them because that is what everyone else does, get married, have kids, and buy a house. This option also sounds appealing to many because it gives them a place to set up shop with their family. Not to mention that owning a home can be a great investment that can be a source of tax deductions. On the flip side, people rent because they like the freedom and flexibility that comes with renting a place. You are not tied down to living there and do not have much upkeep to take care of. Both situations can be great options; however, it’s important to weigh out your pros and cons rather than stick to the narrative, or sticking with the place that gives you the freedom to move over a good investment. When it comes down to it where to live is a huge decision that only you can decide.
Pros of Owning a Home
There is no lying when it comes to homeownership pro’s, there are many of them. Regardless of how many pros there are this still may not be the best option for you. The most obvious pro to owning a home is that it’s yours, meaning you have all the freedom in the world to customize it to your liking. While an apartment gives you the freedom to move around, homeownership gives you the freedom to decorate as you please. Owning a home can also lead to tax deductions in the future, what first will appear to be a large sum of money coming out of your wallet will be a large sum of money coming into your wallet in the future. Owning a home can also be a good source of income, especially if it isn’t your first home or if you have elsewhere to live. This is because people who are traveling are always looking for places to stay, and with Airbnb as an option now you can profit off of your home.
Cons of Owning a Home
With the pros always come the cons, and trust us when we say these cons are enough to make some people choose to live in their apartment their whole life. Homeownership means that you will not only have a larger upfront amount to pay but a lot of other bills you are going to need to pay down the line such as property taxes, trash pickup services, pest control, tree trimming, water services, sewer services, natural disaster insurances, and pool cleaning if you have a pool on the property. All of these things can add up over time making the cost of a house not what it initially seemed. Another aspect people sometimes can fail to consider before purchasing the home is mortgage interest. This interest can add up over time making you feel like you are throwing away a lot of money. After thinking about all of these cons our team at Ace Mortgage Services recommends you think about all these expenses and whether or not they are doable. If not, you may be better off renting an apartment and putting as much money as you can into a savings account.
After weighing all the pros and cons you will probably have a much better feel for which option will suit you better. Being a homeowner sounds like all funs and games but what many people do not realize is that there is a whole lot more you will be paying for than what meets the eye. If these expenses all sound reasonable and are in your budget, then, by all means, go for that house ownership; however, if you do not like the idea of spending money on all these extra fees then maybe an apartment is best. Regardless of what you choose, for all of your homeownership questions, you can give Ace Mortgage Services a call anytime at (408) 244-1190.