We have been taught that the ultimate sign that you have made it as an adult is to finally get a house of your own. This may have sounded funny to us back then but now we understand the implication’ when it comes to Real Estate, the market is tough and finding a house is not an easy process. So, a lot of people actually prefer apartments over having a house. Some people even end up buying their apartment as well. So, if you are still conflicted between the two options and are not sure whether a being a homeowner is the right decision, you can read the pros and cons being a homeowner below.
- Being a homeowner allows you a lot of freedom. You are free to design, paint and do whatever you want with your house. You also do not have to deal with apartment complex rules and you can even keep as many pets as you want.
- You also get the luxury of privacy which is something not available to most people who live in apartments.
- You get a permanent house of your own, so you are not spending money on rent which will ultimately be useless once your lease is up.
- Being a homeowner gets you a lot of good credit points which will help you when you need to apply for bigger bank loans in the future.
- Some Real Estate owners start renting out their homes as well as a means of secondary income.
- Of course, with house ownership comes a lot of responsibility as well. It is upto you to take up maintenance costs like repairs, refurnishing, pest control etc.
- While houses can appreciate overtime, they can also depreciate as well. Real Estate is not an easy investment because of how unpredictable it can be.
- If you fail to meet up with your monthly payments, you can possibly be evicted which will affect your credit history immensely and will make it really difficult for you to apply for loans later on in the future.