Is home ownership right for you? Before buying a home you must analyze the pros and cons. This purchase could effect you emotionally and also change your financial habits.
When house prices increases so will the price of your home. This is a good long term investment in building equity. Rental payments increase leaving you with nothing in return whereas the paid portion of your home as well as the increase of the value of your home gives you an additional asset in planning for the future.
How nice it is to see the amount of your mortgage decrease while when renting your payments will keep on increasing with time showing no equity. By renting you do not have the responsibility of owning your home such as mortgage , maintenance, property taxes etc..
Owning your home gives you a stability of your own entitling you to make your own decisions in the decorations, upgrading , reducing your mortgage and gradually if wanted selling your home with a profit. Renting does not permit this, but renting does permit having the flexibility to move at the expiration of your lease with no requirement to rent your unit. All you have to do is get a mover and move. The only accomplishment in renting is that you were accommodated with living space for the duration of the rental agreement with no worries as to maintenance and other duties related to proprietorship.
Proper maintenance of your own home is not only for your personal satisfaction and avoiding future costly repairs, but also a requirement from your lending company who requires that the home be maintained. Keeping your home in good condition will also keep the value of your home with the real estate market. Get to know your house, this will help preventative maintenance. You will also know where everything is in case of emergency. —-main electrical switch, shut off valves for water and gas and your circuit breaker or fuse box.
John Gagliandi
Sales Representative with Signature Service GMAC Real Estate
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