The Pros and Cons of Owning your own Home

Being safe and sound under a roof is one of the basic rights of every individual. This is the reason why there are so many people who have thought of having their own house or apartment because, for them, home ownership simply means a fulfillment of a great dream. However, it is also a fact that some people have regretted buying their own house and have thought that they should have just rented.

Indeed, buying your own house is one of the major decisions that you will have in your life because, in time, you know that you need to have the capacity to pay your house. Whether you pay it in cash or whether you pay it monthly, home ownership is a challenge.

So, here are both the advantages and disadvantages of having your own house.

Advantages

When you have your own house, you take pride with it. It is a fact that not all people can afford to have their own house or apartment especially in cities like Singapore. So, if you have your property, people think highly of you.

Moreover, when you have your property, most likely you already know how much you are due every month because you have fixed costs when it comes to food, utilities, and monthly payment for your house. If you compare it to people who are renting, there are chances that over time, rents may go higher depending on the demand.

Lastly, you will be paying lesser tax because home ownership is a tax deduction. If this is the case, you will not have to pay much of your taxes.

Disadvantages

When you have your own house, you will have to pay for this for a very long time. Some even have to pay even if they are already old. It is a fact that if you choose to have your own house, it is a commitment that you have to face for almost a lifetime. Not to mention that if you own your house, the maintenance of everything, including the repairs goes on you. Compared to those who rent, the owner is the one responsible for this.

Lastly, you should know that even if you have a fixed monthly payment, in most cases, renting is still cheaper compared to the fixed monthly payment of home ownership.

In summary, home ownership is indeed something to be carefully thought about. You should have considerations like your ability to pay overtime, your job stability, and much more. It is very important to carefully read both advantages and disadvantages of home ownership before deciding because your decision will surely change everything. Moreover, home ownership both have advantages and disadvantages, and if you live in cities like Singapore, you can say that the advantages have outweighed the disadvantages. Nothing beats owning your own house rather than renting. So, if you have finally decided to have your own house, make sure that you have thought about this a hundred times because back in gout may not be possible.