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For many people, owning a home brings a sense of pride and freedom that cannot be matched by renting. When you own your own home, you are taking the first step towards building your long-term wealth.
Advantages to owning a home:
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Huge benefit – it is yours.. all yours. You can paint your kitchen any color your want.
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Another major benefit is that some of your monthly mortgage payment is tax deductable.. and part of your house payment is principal which builds you equity.
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Since your home can become an asset, you will also now have the potential to make money when you sell the home or tap into it for equity.
Disadvantages of owning a home:
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Even though there are many aspects to buying a home, let’s look at the drawbacks. When you are used to calling a landlord for repairs – now this will be your responsibility.
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There may be many unexpected expenses - so keep extra some extra cash in reserve.
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Finally, remember that buying a home is a long term proposition. When you rent, you are just there for awhile – buying is a long term commitment… so make sure that you are ready for it.
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