Why Own

Owning a home

When you buy a home you are making what may be the most important purchase during your life. While there are many good reasons to buy a home, here are some thoughts that may help you decide if buying a home is the best option for you.

Advantages of Owning a Home:

Financial Security

When house prices rise, a home acts as an investment with increasing value over time. Home ownership provides you the opportunity to create equity.

Flexibility

Unlike renting, as a homeowner, your home is your castle in which your can embed your personal taste and needs. Creative control over decorating and renovating is yours to explore.

Stability

Owning a home allows gives you stability. It may also enhance your sense of personal security and community.

Pride of ownership

Owning a home is a major achievement. It is something of which you can be proud. It is an accomplishment.

Main Disadvantages of Owning a Home:

Financial stress

There are costs associated with home ownership. Starting with the down payment, to mortgage payments, and insurance, these all tie up your money.

Maintenance

Keeping your home in tip top condition takes energy, time and money.

Higher costs

Monthly mortgage payments could be more than you would pay for rent as there is extra costs for maintenance and property taxes.

More responsibility

As the owner, it is your responsibility to make the payments for repairs and maintenance. You can’t call the landlord when there is a problem.