To buy real estate property or not? This is a question asked by many people. Before you become involved in the home-buying process, it’s important to know if that’s what you really want. To help you with this difficult decision, here are some pros and cons of owning a home.
- The payoff can be great if you buy a home you can afford. When you make your mortgage payment every month, you’re building equity in your investment. The longer you live there, the more equity you’ll accumulate. And, unlike many other things you buy, real estate will almost definitely increase in value over time, meaning you build even more equity.
- As an owner of real estate property, you can renovate and decorate any way you like. As a renter, you don’t have this option. Also, owning your own home gives you a new sense of pride in your environment.
- You’ll need to include more than your mortgage payments in your budget – things like repair and maintenance expenses.
- As time goes by, your home will probably increase in value, but don’t bank on getting a big return quickly. If, during the first few years of ownership, you need to sell, the various costs involved might cause you to lose money.
- There’s no guarantee that your real estate property will increase in value, particularly during the first couple of years. Historically however, most homes do.
Ian Hawkins and Cindy Ryerse have been helping people sell and buy real estate in the beautiful Georgian Triangle for many years. If you’d like our expert assistance, please get in touch with us.