Home Ownership: the pros and cons
Thinking of buying a property? Or so you prefer renting to stay flexible? These are some of the advantages/disadvantages of having your own home:
Pros
- At last you have a property that’s your very own!
- You are able to decide on the design and interior layout during (re)construction.
- Once the house been fully paid for, your costs will drop dramatically.
- In time, you may even be able to rent out a part of the property if there are any unused spaces.
- If you no longer need a larger property, you’ll be able to sell it. This represents a long-term investment to cover your retirement years.
Cons
- Running costs are significantly higher than a rental property, and property taxes also need to be factored in.
- A property owner has numerous responsibilities: renovations, repairs, etc. – all of which are self-financed.
- If you missed any important details at the time of purchasing, you may later be confronted with unforeseen expenses. When purchasing, an estate agent comes in handy to provide you with sound advice.
- Debts must always be serviced. This is equally true in good times as well as in more difficult periods.