Personal Home Ownership Pros And Cons

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The original centuries old dream of owning a home among the Millennials has slowly changed over the past few decades due to a variety of causes, from American economic struggles, to both major and minimal financial crises. Since the time that Independence was achieved in America many years ago, the idea of self-independence across America has spread from self-home ownership, to even individual business entrepreneurship. All Americans have been known to experience this dream at some point in their lives, except for one large group of people, known as the Millennials. How could it be that this tradition has skipped one, large generation? Those who experienced the Great Recession of 2007 to 2010 have been less eager to participate in individual …show more content…

Both factors are important, as they allow both freedom and independence, but also restrict/ limit it from certain standpoints. Pros of home ownership range from the allowance to modify the home artistically and architecturally, to more stable monthly and yearly costs. With fears of foreclosure from another economic crash, however, the cons are often allowed to emotionally outweigh the pros of personal home ownership. When discussing the pros of home ownership, each individual pro must be considered solely, and weighed by its importance. For someone who is considering buying a house and potentially keeping it for the rest of their life, buying a home is usually a great investment. Over time, especially with recent real estate market trends, houses tend to gain in value and build an equity for themselves. Whether the gain in value comes from interior or exterior remodeling, or a pure economy wise economic growth, the cost of this home will remain the same or near same due to fixed mortgage rates. With a fixed mortgage and cost, the homeowner will receive more freedom to spend money on other desired things, such as home remodels, as compared to rental homes where no changes are to be made on the property. Another important factor of home ownership often overlooked is the increase in privacy homeowners will receive when they no longer have a landlord coming on a timely basis to …show more content…

An important factor to consider is that purchasing and owning a home is on an individual basis. In other words, every home will have different specs and future costs will be a little different for each person. Over time not all homes will increase in value, especially in the first few years while the house is being paid for. People often don't realize that their home may not continue to hold the value in which they are required to pay after signing sale papers, especially if a home is in a poor neighborhood or if another economic crisis arises such as the 2008 Great Recession. Other costs will also arise when purchasing a home that wouldn't when signing a lease paper, such as a down payment, closing costs, and extra individual necessities, such as hiring a moving company. Another disadvantage of home ownership, is the constant future responsibility of paying for the home and any future needed repairs, such as fixing a leaky pipe and any damage the water from it could have caused. While the list of pros of home ownership is long, the list of cons can be quite vast as well. Especially for a person with a lower income, and potentially unsteady paycheck, the list of cons can be something very dangerous to

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