Is Owning A Home Really The Best?

Buying a new home is such a wonderful change of pace

. The opportunity to get out of an apartment building with uncaring managers, apathetic maintenance crews and noisy upstairs neighbors; more space and the chance to paint it all the colors you want; no restrictions on the sound system, or how loud you play it.

But until the monthly budget can pay for the mortgage and set money aside to pay for any repairs that need to happen, an apartment may not be that bad. Sure, it may take a month to get them in for anything less than a frozen pipe, but at least the building manager has to pay for it. If the place you are at has the managers from Hades, but your income has gone up, looking at a new apartment with an extra room, larger kitchen and new appliances may be better than buying a house.

A house is not without its problems. When the water heater needs replacing, when there are plumbing problems, it is your job as the owner to take care of them. That is why even if your income is big enough for a mortgage payment, but is not enough for an emergency fund, a house is probably not the best living option.

A house also does not end the monthly payments. Sure, you pay for your utilities in most apartments but not all utilities. The utilities are more for a house than they are for an apartment. Property taxes are also added to the monthly bills, so find out what the cost is for the city you are looking in before you calculate your mortgage budget.

In addition to all the potential plumbing and appliance problems, there may be Home Owners Associations to worry about. The contract for a home owners association can be very long and detailed, so definitely ask your real estate agent if there is an HOA and where you can get a copy of the hand book before you put your money down, that may be a deal breaker for you.

A house is a wonderful investment, land is useful and no matter how the currency changes, land is worth something. But it is also a responsibility and an obligation, so make sure you are well prepared for the responsibilities and obligations that come with buying and owning a home. Do not rush in to such a large decision.

by: Art Gib

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