DISADVANTAGES OF BUYING A HOME
Yes, there are downsides to homeownership — some that buyers aren’t aware of, or don’t think of, and others that can scare people away from making the plunge into homeownership. 1. Maintenance. Perhaps the homeowner’s biggest disadvantage is the renter’s biggest advantage: maintenance. Of course, if you purchase a home, it generally includes homeowner’s insurance, which includes disasters, flooding, and protection against theft. But generally, your everyday maintenance items come out of your pocket as a homeowner. Maintenance and repair can be as simple as redoing your baseboards or replacing a window, or as extensive (and expensive) as replacing a plumbing system or furnace. The expense will vary from home to home, and from year to year; however, generally, you can expect to pay about 1% of the value of your home annually toward these expenses. Don’t forget about your property too — basic gardening, lawn care, landscaping, spring and fall cleanup, and snow removal all need to be taken care of by you. Renter advantage: If you rent, you don’t need to worry about any of these maintenance- and repair-related expenses. Admittedly, this is a major advantage over owning a home. These obligations belong to the property owner/ landlord, whether an appliance shuts down or your sink is leaking. Also, you won’t have any lawn or grounds care
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