5 Advantages & Disadvantages to Owning Your Own Home

Make sure you know what you are doing before purchasing a home. It is such a big investment that shouldn't be taken lightly. In my opinion, if you aren't going to be there for at least 4 to 5 years, DON'T DO IT.

Here are some ADVANTAGES to OWNING your House:

1. It's YOURS! You can do whatever you want to it, paint it yellow, put up a fence, have a garden, or even attach a garage. It's nice to have the ability to do whatever you want to your house without getting consent from a landlord. And this is a great thing, because you can make the value of your house go up even if you do little things like paint the house. Also, just simply being able to say, "Yes, this is MY home, I own it." Pride in owing a home is a great thing to have.

2. There are also many tax cuts you get if you own your own home. You get to deduct the years interest paid and your property tax. This is one of the best perks of having your own home.

3. It can actually cost less than renting an apartment! You can save monthly by hundreds of dollars. Also, if you are able to get a fixed-rate mortgage, then the payment will stay consistent monthly throughout the lifetime of the loan.

4. It can really help improve your credit rating. Owning a home is one of the best investments. It looks good on your credit. Just make sure you are making your payments on time.

5. You can have something to pass on to your kids. Some houses stay in the family for generations.

Here are some DISADVANTAGES to OWNING your House:

1. You can't just up and move. If something comes up, or you get a divorce, or maybe you get a better job offer in another state, you have to deal with the stress and time it takes to sell a home. If you rent, you can generally just leave within 30 days. Selling your home can be costly and time consuming. I recommend not buying a home unless you are ABSOLUTELY sure you want THAT home, and not just settling. My husband and I "settled" on our home, and we regret it everyday. We wish we would have rented until we were actually able to afford the home we wanted. It's worth the wait. A house is an investment, renting is not.

2. If it's broken, YOU have to fix it! Yes, that's right, you have to do all the maintenance on your home. Needs a new roof, you have to pay for it. Put a hole in the wall, you have to deal with it. You have to do all the upkeep. Make sure you can financially fix the problems that occur with owning your own home. Trust me they come up! Renters get the comfort of just having to make a phone call to get their sewer fixed. Home owners must call the plumber and pay for it.

3. They say most people pay for their home 3 times before it's paid off. With all the interest it seems like you will never get your house paid off. You need a plan, either pay double your monthly payment, or don't let it bother you when you get your statements in the mail and you haven't even made a dent after 3 years. You could also look into getting a 15-year mortgage.

4. Although you can deduct your interest and property tax off your taxes, you still must pay it all by the end of the year. Every year you own your home you have to pay property tax, and that won't go away.

5. You are pretty much stuck wherever you more for awhile.. You better make sure you like your surrounding. That includes your neighbors, their dogs and kids, how loud they are, or whether or not they pick up their lawns. Sit back and think, will I be happy here in 10 years?

I'm just saying a house is a HUGE investment! Make sure you really want to live at that particular place. You can move, but it is hard and time consuming. Just be smart and go with your instincts. If you don't like it when you pull up for the first time, what makes you think you will like it for 5 years? Most houses don't grow on people, they just make them more frustrated, so choose the right one. I mean, there are TONS to choose from.

Happy Buying!