If you're like me and constantly struggling over the decision as to whether or not to buy a house, a condo or a Town-home, the best way to determine if being a homeowner is right for you is to weigh out the pros and cons. I simply grabbed a piece a paper, drew a line down the middle, titled the left Pros and the right Cons and started my research. I mean, there's a reason that more households in the U.S. are renters than ever before, but there are many benefits of owning a home too. Therefore, the need for the Pros and Cons list, to see which one I fall in.
So Here are My Pros
When you own a home you'll have more tax advantages which can save you a ton of money. Yes, I know.... tax regulations can and do change frequently, generally one of the more immediate benefits of buying a home is the tax advantages. You can deduct most or all of any interest payments that you make on a home loan along with property taxes and loan points, especially considering the majority of those monthly mortgage payments are going towards interest during the loan's early years.
Having My Own Privacy.
Privacy is a big deal for me, especially being a mother. Keeping my kids safe is always a top priority for me. If you own your home, you won't have to worry about your landlord coming over to check on things. You don't have to worry about the door jiggling, as happens in my condo all the time. You can lock your door and enjoy all the privacy you'd like, whenever you want. This is such a weight off of your shoulders, especially in a setting where everyone looks out for each other, as we are all vested in our properties.
Better Financial Stability.
Generally owning a home means greater financial stability and or security, with no worries about being forced to move if my landlord decides to sell or turn my place into a vacation rental or like my neighbors, an Airbnb. As with most things we own and truly take care of, the value usually appreciates over time. When or if I decide to sell, I will probably earn a good profit - that's one of the biggest benefits of being a homeowner as it can significantly increase my net worth, helping to set me up for a better situation during retirement. Of course, my rate of return will be significantly more the longer I hold onto it.
MY FAVORITE REASON - You Can Do What You Like With It.
Renting costs a ton of money extra if you have a pet. My old apartment even charged if you had fish, yes Fish!!!! Who ever told them they own fish was a moron, but ok.....LOL
If you own your home, it's yours, so you can do what you wish with it, renting is never the same, decorating sure, but painting, remodeling, no no no. You don't have to worry about asking a landlord if you can get a cat or dog, paint it a different color or make other renovations that are more suited to your style. When you're renting, it is not yours, so you have to ask permission and most of the time you will have a fee associated with what you want to do, or a flat out NO.
And Here are my Cons
Repair and Maintenance Costs.
This is the biggest one for me. When I was married, there always seemed to be a time when you were struggling and like clockwork, the air went out, the washer wouldn't work and the fridge was on the fritz. Oh, I forgot to mention it was summer, so this was not something that could go unfixed. When you own a home, there's no landlord to take care of repairs and maintenance, We had to deal with all of that, along with property taxes too. Which, I can tell you was a huge part of the bill. Being someone that has both rented and own, I can now see the full picture of why some places cost more than other and what truly goes into the business side of property rentals. Before getting the Condo, I had to really think about all this though, I had to consider these expenses. I then decided to use a house payment calculator to determine how much I could truly afford. Calculating when my water heater fails, or my roof needs replacing, it can be a major financial setback if I am not prepared.
I Might Get Stuck.
If I need to sell my home quickly to make a move for a job and I don't get the offer I need to pay off my mortgage, I am still responsible for the payments. I could end up stuck and/or in a financial nightmare having to make my mortgage payment and pay rent somewhere else too. When my ex and I built our house many years back in PA, we were in a great economy, but during the building of the home, it tanked and we were stuck with a bridge loan for over 18 months until our other house sold. It was a nightmare and we thought we were not going to make it several times.
My Property Value Might Depreciate.
Yes, Opposite of what I stated earlier, this can truly happen. While home values often increase, there is also a possibility it could decrease if economic conditions are bad. If you don't maintain your home or many other reasons, your home can depreciate.
Of course, I would take care of my home, as everyone's intentions are to do so, but as a home owner, this is not always financially feasible.
Now to throw in the Las Vegas Portion. When deciding weather to buy or rent in Las Vegas, I think it boils down to these things.
Location to where you work, working from home, School areas (if you have children in school) and amenities you desire. The city can be the most exciting place in the world to live, but also one of the most dangerous. I live in the city and sometimes it is so exciting and fun, while others it is downright scary. Just make sure to closely check out the surrounding areas as to what you are comfortable with.
xoxo Haley Fox
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