Homeownership has its pros and cons – because it’s not for everyone. Whether you’re concerned about insurance or just want a call a place all your own, take a peek and weigh your options if you’ve been on the fence about buying!
Pros of homeownership
#1: More space for less
If you were to rent in New Orleans, you’d likely pay a lot more in rent for the same space than you would if you were buying the home. $1400 a month may get you 500 square feet and no yard. While buying – $1400/month will get you a yard, more space, and no shared walls!
#2: Satisfaction in knowing it’s yours
Know your money is going towards an asset. There isn’t much that feels better than knowing this house is yours, and you can’t be put out on a whim because the landlord decides to sell the house.
#3: Decorate & plant how you please
Neon green paint, tile a wall, paint a mural – none of this matters when you’re the homeowner.
Most landlords don’t allow tenants to make any modifications to the home. Also, if you’re a gardener, you might be spending a pretty penny on seeds and plants for someone else’s yard!
In your very own yard, you can add that kiddie pool, build a vast raised garden bed, and plant everything your heart desires!
#4: Have as many pets as you want
Well, almost as many as you want! (The city/state likely has rules on how many you can have.)
Many landlords only allow one pet. These days you can expect hefty pet deposits, limitations on size and breed, pet rent, and you may only be allowed to have one fur baby.
Being a homeowner means you can foster and adopt without the worry of a landlord breathing down your neck.
#5: Easy to have an at-home business
Not all rentals will allow you to have your home business operating from there. That could be a violation of your lease and cause for eviction.
Whether you’re a massage therapist, yoga instructor, or artist – be sure to check your lease about these rules. When you run at home-business, there are city and state rules that must be followed. But, as the homeowner, it will be much easier to navigate.
Cons of homeownership
#1: You have to fix everything yourself/hire someone
You might have to go through a few handymen, etc. before you find a good one. These repairs can prove to be a pain in the butt if a lot of items come up at once.
We all know those landlords who won’t fix your leaky sinks anyhow!
(Your real estate agent should have a list of people for you to call, though!)
#2: Hurricane season worries
Hurricane season is a real stressor. And as a homeowner, it can be even worse. You can’t just blow this popsicle stand and get out of dodge. Since you’re the owner, you need to make sure you secure your house before leaving.
#3: How much does that cost – roof, HVAC, etc.
The house expenses can worry a lot of folks. However, if you know the age of them and plan for future costs, it can help ease your troubles. A home warranty can help out with older appliances and other things around your home as well.
#4: If you hate your neighbors
After moving into your new home, you might find out that you loathe one of your new neighbors. As a renter, you can opt-out of this location and move when the lease is up. Once you’re a homeowner, you’re kind of stuck for a little while. (Not forever!)
There are pros and cons to becoming a homeowner. However, there are more upsides in owning your own space than paying someone else’s mortgage. Home owning isn’t for everyone, nor is it for every situation. We have told many clients before that we don’t believe they should buy, and we will continue to be honest with you, too!
Homeownership isn’t for everyone – but it just might be for you.
Let’s talk today! Text us to get started on your home buying journey!