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Pros:

Freedom to do what you want

Owning a home gives you the freedom to do what you want to your property, to an extent. You can change the color of your walls at any time, renovate the bathroom, or build a fence around your yard.

Fixed-rate mortgage

Your mortgage is a set amount you pay each month. Your interest rate stays the same and you don’t have to worry about your rates changing after a year.

Tax Deductible

According to Turbo Tax, you can deduct property taxes, mortgage interest, interest on a home equity loan, premiums paid for mortgage insurance premiums, or any home improvements that are required due to medical care. There are a variety of factors that affect the actual amount of money you can save on your tax bill such as, your filing status, standard deduction amount, other itemized deductions, and taxable income.

Increase in value

With renovations and upkeep of the house, the value of your house can increase. Whether you want to downsize or upgrade to a larger house, if you take care of your house and make improvements, you can usually ask for a higher selling price than what you paid.

Sense of community

Most people living in your community are there for the long haul like you. They wanted to settle down in one area and create a sense of home. Your neighbor’s lease won’t end right when you started to get to know each other like it would in an apartment complex.  

 

Cons:

Long-term commitment

When buying a home, it’s not very practical to move out and try selling after a year of being there. You are buying this home as an investment and should be looking at staying in this location for a while.

Higher monthly payments

The mortgage rates are usually fixed, but they are typically higher than the rent in the area. You can also find apartments that include the utilities in the rent. When buying a house the utilities will be your responsibility.

Responsible for maintenance

Unfortunately, if your heater breaks or your pipes start leaking, you can’t call your landlord to take care of it. Owning a home means you are responsible for its repairs and maintenance. If you’re a handyman, this is no problem at all and luckily Google exists and can give you an idea of how to fix your problem without it getting too expensive.