The Pros and Cons of Owning a house
There are always a few factors you must consider when making this choice. Renting and buying both put forth a number of pros and cons, and your situation financially is usually the most important element.
The general consensus has always been rather mixed when it comes to
renting or buying a house. Today, I’m here to shed some light on the topic by
giving the pros and cons of one of the two categories unbiasedly.
Pros and Cons of Owning
Equity. First, the most obvious difference when owning a home is you can build equity. Historically, homes rise in value anywhere from 4% to 6% per year. Even if your home doesn’t increase in value, you’ll still be building equity as you pay down your mortgage, if your home is still maintaining its value that is.
Social Life, the bright side of owning a home is you get to fully commit to being a part of your community, since you will be at a home that you will be living in for years, you get to know your neighbors, perhaps be involved in your area’s school activities and
Decorative Freedom, I think the coolest thing about owning a home, is the fact that it’s yours to make completely your own design without anyone bossing you around, unless of course you live within a development with a homeowner’s association.
Maintenance. The one thing about owning a house is, it takes a lot more self-maintenance,
this could be a pro or a con, according to what type of person you are
There is no tax break for renting. You won't be able to claim any deduction for mortgage interest and property taxes when you file your tax returns.
Your housing costs aren't fixed like they are with a fixed-rate mortgage. Your rent will most likely grow from year to year.
In conclusion I hope this helped you decide if owning or renting is better for you, and that you’re able to go into buying or renting homes with a lot more knowledge.