Are you hanging on a balance, confused, and repeating the same conversations in your head on whether you should buy a house or rent an apartment? There are certainly some pros to buying a home, which may include some financial perks and an ability to customize as you choose.
However, things that are often overlooked are some of the cons. Here are a few things to consider:
Con: Less flexibility
Owning a house can mean saying goodbye to top-quality amenities that you were used to as a renter. That includes no longer having access to a swimming pool or an on-site gym, and the valet trash service.
Con: More responsibility
Now that you have a home in your name, this means that you no longer have a landlord to take care of that leaky faucet; you now have to make time to mow the lawn in the summer and shovel snow in the winter.
Con: More financial pressure
Owning a home is equivalent to long-term financial responsibility. Unlike if you are a renter, you can just transfer to a less expensive place if you happen to get hit by a financial hardship. Being a homeowner means being stuck with a mortgage and if the idea of a monthly payment for 15 to 30 years is already making you sweat, maybe you are not yet ready for homeownership.
Con: Costly surprises
Another downside of being a homeowner are the surprise (and seems frequent) repairs like a roof that suddenly starts leaking. It is your home and you will be the one to have to take care of that problem whether you like it or not. While when renting, your biggest fear is a rent increase once your lease is up for renewal.
Excerpts - Realty Today