When a person starts to earn and has a good bank balance, they are more likely to save the money and use it in some good project with good returns. Some business minded people use it in share markets whereas others in gambling (though there is no much difference to share market and gambling at times). However, there are the stable people who are looking for stability in life with goals like earning money, owning a house before 30, getting married and having kids. There might be difference in other goals, but most people have the dream of being a home owner in their life. If, you are one of them, here are few pros and cons on owning a property. It might help you decide whether you want to own a property or not.
Pros or Advantages of owning a house
You do not have to worry about rent to be paid or rent due; you are your own master. You will be able to have more privacy and make home renovations Bardon, if you desire to do so without needing the permission of someone else. You will be able to make more money after a while when you are planning to resale it (subjected to market conditions and economy).
When you are the home owner, when you need additional space, you do not have to think of a renting a storage closet, you can just make use of home extensions. You will be able to take a mortgage on your property and these are subjected to tax deductible. It is of significance to note that the mortgage payment is not much higher than the usual rent paid. You will be able to decide what you want and do not want in to happen in your house. It is important to understand that you will be able to sublet your house if you want and are legally allowed in your place of residence.
Disadvantages or cons of owning a house
You might not be the kind of people who is into commitments and owning a house might not make you feel better. (You r mental health and state is important factor to consider). When you own a place, it will be harder to move from a place to another. You will have to pay for any home repairs, taxes, insurances and others. You should be in an economically stable state to make the upfront costs involved in the home appraisal, down payment and mortgage.In conclusion, it can be seen that there are several pros and cons involved in owning a house and it is up to you to decide whether it is in your best interest to buy a house at the moment. If you have just started earning, it is better to understand the concept of money management before spend money on property.