Those new to home buying will probably have a lot of questions, as they weigh their options for the future. Renting certainly comes with many perks, but so too does homeownership. Owning your own home gives you unparalleled freedom to make renovations, change layouts and color schemes, or flip the home for a profit, given the opportunity. However, home ownership also comes along with some additional pressures that renters just don’t have to worry about.
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Growth potential and the freedom of ownership.
As a homeowner, you have the freedom to essentially do whatever you want with your home. It’s your property and you can make upgrades, tear down walls, or put nails in walls to hang pictures permanently. It’s all fair game as the home is your domain. Many homeowners consider quality of life installations that create a more vibrant and welcoming space for themselves and their guests. For instance, many Florida homeowners ask ‘how much does it cost to build a pool in Tampa?’ The answer is surprisingly affordable. Adding a water feature to the outdoor living space is one of the most exciting renovations you can do with your home, and the wealth of options available make pool installation a breeze. It’s no wonder then why 200,000 new pools are built every year in the United States. A backyard would be a great place to put a hot tub, (or a new pool if the space is big enough,) and you’ll quickly find that it will up your popularity amongst friends who live in the surrounding area.
Owning your own home also gives you the ability to leverage the property as a monetary asset. Asking your local Venterra Realty professional for an appraisal can give you a sense of its financial value, over and above its worth as a home for your family. You can borrow against the equity of your home, or sell it in the event of a market surge that sees its value skyrocket. As a renter, you have no built in protection against price rises, outside of locking yourself into a long term lease that may or may not pan out to be favorable. Homeowners can actively work to increase the value of their homes and sell for major profits when the time is right.
Additional costs of ownership.
Homeowners do have additional financial burdens that don’t factor into a lease agreement. Home improvement projects often take aim at quality of life upgrades, but occasionally these alterations must be undertaken as a matter of necessity. A water heater leak or burst pipe can cause flooding that requires a total floor replacement, or a hurricane can damage your roof beyond repair. For major jobs like a roof replacement, hiring Allentown roofing contractors to complete the job for you is the only way forward. However these major repairs don’t have to come as a surprise. With roofing repairs in particular, you have the ability to keep a careful watch on the weathering patterns that show the age and wear of a roof. High quality maintenance like gutter cleaning and broken shingle replacement can extend the life of your roof and keep it functioning in its protective role, through the annual natural hazards that threaten the overall health of your home’s structure.
Homeowners also carry property tax burdens that renters are able to avoid. But with careful upgrades planned throughout the lifetime of your ownership, you can negate the additional financial headache here, by improving on the value of the home and selling for a profit– even after considering the yearly expenses paid out as an owner. Every homeowner will eventually sell their home, whether that is because you are moving to a different place that better suits your needs, or owning the property for life, until its ownership is transferred according to your will. Therefore maximizing its value is essential, and something only available to a property owner.
Owning your own home requires some additional considerations, but the bottom line is that the benefits far outweigh those that come along with renting.
