Pros & Cons of Home Ownership - Coastal Housing

Call us: 805-969-1025 membersupport@

!#"$ HOME ABOUT HOUSING BENEFITS EDUCATION NETWORK PARTNERS MEMBERS CONTACT US

YOUR PATH TO HOME OWNERSHIP

Online Education

Pros & Cons of Home Ownership

Home ownership is a big decision. It is important that you evaluate how becoming a home owner would a"ect you and your family. There are advantages and disadvantages to buying a home that you'll want to consider before you get on the path to home ownership!

An important factor is how long you plan to stay in the home or in the area. Since there are signi!cant costs to selling a home, those costs can erode the appreciation you might achieve if you plan to sell in the short term. The key tradeo" in the decision to rent or own is the stability of home ownership versus #exibility of renting. Here are the key pros and cons:

Pros:

Pride in home ownership, closer ties to your community Your housing payment will be more predictable and stable with a !xedrate mortgage Interest paid on mortgage is tax deductible up to a certain limit Home loan payments can be comparable to rent payments Potential market appreciation increases the value of your investment You can customize or renovate your own home

Cons:

A long-term !nancial commitment makes it harder to relocate You are responsible for all the maintenance in your home (repairs, insurance, landscape, etc) Potential market downturn could negatively impact your investment if you need to sell in the short term Upfront costs of purchasing a home: down payment, closing costs, moving expenses, etc.

Resources

Consider Whether it's the Right Time for You to Buy Pros & Cons of Renting vs. Owning

7 Steps Navigation

1. Pros & Cons 2. Financial Readiness 3. Selecting a Lender 4. Choosing a Real Estate Agent 5. Making an O"er 6. Escrow 7. Closing

Home Buying Education Homepage

! Back

Financial Readiness "

Coastal Housing Partnership P.O. BOX 50807 Santa Barbara, CA 93150 !"#$

? 2020 Coastal Housing Partnership. All Rights Reserved.

FROM INSTAGRAM

Web Design and Optimization by I#and Visuals

Privacy - Terms

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download