Pages Navigation Menu

Everything Personal Finance

Buying A House: Is It All It’s Cracked Up To Be?

 

(Image source: http://bit.ly/2fe4B2N)

If you sit down with a group of young people and ask them their aspirations in life, they’ll probably produce a mixed bag of answers. However, there will be one or two things that everyone will say. One of those things is that they want to grow up and buy a nice big house one day.

Buying a house has long been seen as the desirable thing to do. But, is it all it’s cracked up to be?

The Benefits Of Buying A Home

There’s one major benefit of buying a home; you become a property owner. You get to sit in your house and say to yourself “I own this.” Even if you haven’t paid for the house using your own money, and spent ages looking for large mortgages to pay for it, the house still belongs to you and nobody else. As a result, you will see a whole host of other benefits, mainly, you’re in complete control of your property.

If you buy a home, you’re free to do whatever you want to it without having to consult a landlord or letting agency. You can convert any room into whatever you like, you can decorate it in a style that suits your tastes, you can even extend your home and make dramatic enhancements.

Buying a home gives you more freedom with regards to what you can do to that home. It also enables you to sell that home if you ever feel like moving somewhere else. As such, it can be a great investment when you buy a house.

The Drawbacks Of Buying A Home

It isn’t all sunshine and smiles when you buy a home, as there are a few potential drawbacks as well. Yes, you have more freedom to do as you please, but you also have more of a burden on your shoulders. Anything that happens to your home is paid for by you now. If you didn’t own the property and rented it instead, the landlord may pay for certain repairs or renovations.

You could have a boiler leak that costs loads of money to repair, and the landlord will cover everything, saving you a lot of money. In this respect, it can be a bit more stressful as a homeowner as you’re ultra scared of things happening and expensive repairs occurring.

Is It All It’s Cracked Up To Be?

In truth, buying a home isn’t for everyone. There are many people out there that will simply never feel they’re in the financial situation to own a home. On top of the actual house price and mortgage, there are loads of additional costs to pay for as well.

Having said that, there’s no denying there are loads of benefits to buying a home. Personally, I believe it’s a great investment option at the very least. Houses tend to appreciate in value, so you should get more than what you paid when you sell it. Plus, you can transform the home you buy into the perfect property for you. When you don’t own the property, you kind of have to live with what you’re given.

All in all, I would say yes, it is all it’s cracked up to be. Buying a house can benefit you, it just depends on your current situation if you want to pursue it.