Pros and cons of owning a home

ARE YOU REALLY READY (OR WANT) TO BECOME A HOMEOWNER? ANSWER YES OR NO TO THESE POINTS AND FIND OUT FOR YOURSELF.

For many people, owning a home is a life’s dream. For others, it is the worst nightmare. When the idea arises, there are also some questions, such as: Do I really need to buy a house? Will my income allow me? Will I stay there for a long time? Do I have enough money saved? And above all, am I ready for that responsibility?

Buying a property is one of the biggest financial decisions you will ever make, so before you take the plunge, carefully consider the pros and cons of owning a home. This will serve as a guide. Read to the end and always take into account your personal wishes, your future plans and your financial situation.

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Advantages and disadvantages of owning a home

Before buying, think about how an acquisition of this magnitude will affect your finances and your lifestyle. But also, reflect on the benefits it will give you in the long term. We don’t make it easy for you, do we? Let’s take a look.

ADVANTAGE

  • One of the main advantages of taking on this great commitment is having greater privacy. Owning a property gives you and your loved ones a place to call ‘home’.
  • Since properties generally increase in value, they are a great investment. In addition, over time they generate surplus value .
  • Buying a house or an apartment is a great step on the ladder of personal or family heritage formation. Once you’re done paying, you may want to consider selling to move into a bigger or better located home. It is as if a good decision will lead to great future rewards.
  • When you are the owner you have the freedom to decorate and personalize your house as much as you want.

You can find houses for sale or apartments for sale in propertynews of different styles and prices throughout Mexico. Some will suit your needs and budget.

  • It is an achievement that makes you feel proud and makes you part of a community. When you get involved with neighbors and make decisions that benefit the community, you make a big difference for your family and for others.
  • Its cost is more predictable and stable than in rent (we talk about having a fixed-rate mortgage ).

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DISADVANTAGES

  • Owning is a long-term commitment to pay. That might seem like the main downside, but keep in mind that rent is also a monthly commitment that will never stop. Although at this point we must recognize that renting a property in park view city is sometimes the best option for a person, either because they move around the city often or because they are simply comfortable with that situation.
  • You will be responsible for the maintenance of the property: there will no longer be a landlord to whom you can tell that a lamp has blown or the pipeline has failed. You will have to take care of simple and expensive repairs too.
  • If the house has a patio or garden, you should also take care of the bushes and cut the grass. (If you are one of the people who enjoy gardening, it will not be a problem).
  • By ‘taking root’ the option of moving to another place becomes difficult.
  • The payment on a mortgage is higher than the value of a rent.
  • Buying a home requires a down payment, extra payments like notary and moving expenses . That is why it is vitally important to save about 20% of the property value you want to buy, to face those expenses that a mortgage loan does not cover.

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Are you ready to own a home? Answer and find out

Advantage Yes, I want I do not want I am willing
More privacy
Build heritage
Get capital gain
Custom decoration
Satisfaction for owning your own home
Be part of your new community
Disadvantages Yes, I want I do not want I am willing
Long-term payment commitment
Pay more than rent to own
Absorb maintenance costs or do them yourself
Save before 15 or 20% of the value of the house

Most of ‘Yes I Want’: You are undoubtedly at a time in life when you consider acquiring a home as a good investment. You know that maybe that means ‘tighten your belt a little’, but you are willing to make certain sacrifices to achieve an important goal for you such as having your own home. Congratulations! You have everything to achieve it.

Most of ‘I don’t want’: you may have to rethink the option of buying a house or an apartment for now. If you are not sure that your financial situation allows it yet or you are not willing to invest too much energy and capital in it, it is better to leave things as they are for now. Just remember that when you want to stop renting, you should consider and implement a savings plan, so that you have a methodology to achieve it.

Most ‘I am willing’ : if you are in the middle of ‘yes’ and ‘no’, we suggest you revisit the issue of money. It may be that you are willing to do gardening, but if you cannot, or do not want to, save for a trial period of 6 months what you would have to pay for a monthly mortgage loan, it is better that you do not make such a commitment. You need to base your real estate purchase decision on your ability to save and pay, rather than what you are willing to give your arm to twist. At the end of the day, that will be the foundation of your future.