For many people it is a great dream to simply own a house or apartment.…
Advantages and Disadvantages of Owning a Home
Owning a home is something that almost everyone dreams of, although not everyone gets to see that dream come true. It can be costly to buy or build a house although there are many financing systems that people can use to get their homes. They can save for the house, although this could take quite a long time. On the other hand, they can also take loans and mortgages, or borrow from family and friends. In this article, we are not going to look at the different financing options for your new home, but rather the advantages and disadvantages of owning a home.
Advantages of Owning a Home
- There is more privacy.
- Homes typically increase in value, build equity, providing future security.
- The costs are based on a fixed rate mortgage, making them a lot more predictable and stable.
- The interest and property tax portion of the mortgage payment is a tax deduction.
- It brings about pride and creates lasting relationships with other neighbors that are also homeowners.
The Disadvantages of Owning a Home
- It requires a long-term financial commitment.
- Maintenance of the home is tabbed to the owner, no matter how affordable or expensive the repair is.
- One is tied to the community, and it could be hard to leave.
- The fixed mortgage payments are generally higher than rent payments.
- Buying a home requires a down payment, closing costs and moving expenses.
- The value of the home could take long to increase.
- Borrowing against your home equity could leave you without the house.
Steamline Design Ltd.
To own a home, you either have to buy the house, or build it. In the event that you’re building your house, you would want to go with the best contractors to make sure that you get the best work done. That is why we are now going to discuss Streamline Design Ltd., an award winning architectural design company that operates in the United States, Canada, and internationally. This is the perfect company for your design services, specializing in luxurious, heavy timber styled homes of all designs and sizes. Below are some things that you should note about the company:
- Projects that they have done and completed can be found in Denmark, Switzerland, Greece, Bosnia, Russia, France, Austria, Ukraine, Lebanon, UK, and the Bahamas.
- They understand that your home should be suited to your individual style.
- They support you right from the very beginning to the very end.
- They give attention to detail.
- They spend significant time on continuing education and R&D on the latest construction processes, building techniques and materials.
I think that there are more advantages to owning a home than to renting a home. For your own customized home, you would have to use the services of professionals like Streamline Design Ltd.