Is Homeownership for Everyone?

Is Homeownership for Everyone?

Everyone dreams of owning a home. Not only does it provide great comfort and stability in one’s life, but a house is one of the most significant investments anyone may have.


However, not just because everyone dreams about it means that it’s for everyone. Owning a home is not a walk in the park–you’d have to develop certain sensibilities and skills to ensure that you can properly maintain your home.

1. Homeownership requires monetary commitment


Owning a home is expensive. First, you have to arrange your mortgage, which includes dealing with downpayment and monthly loan payments. Next, you have to deal with utility bills such as electricity and water every month.


Aside from securing a stable job to meet these monetary needs, you might also have to give up certain leisure activities to keep up with your bills. If you’re not ready to do so, you’re not prepared to own a home.


2. Homeownership requires maintenance and repairs


Long-time homeowners say that the act of purchasing is the most accessible phase of owning a house. The maintenance and repairs will drain the life out of you.


The thing about home maintenance and repairs is that it requires your effort and time. While you can surely get contractors to do the job for you, you would still need to guide them on the renovations and repairs that you’d want them to do. 


3. Homeownership requires stability


If you happen to stumble upon a better house or think of traveling the world on your RV–you can’t just buy a house and drop it off anytime you, please. 


Selling your house is not just like selling your bags and accessories. You’d have to deal with mortgage, insurance, and market arrangements before you can put your house on sale. In short, if you’ve decided on buying a home, you have to be sure that you’d want to live on it for an extended period.

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