At some point in time you will need to consider this important question. Some consider this a form of investment apart from the basic necessity of providing a roof over your head and place you can live in and call your own.
To Own or Not to Own
Home ownership isn’t for everyone. It’s definitely a long-term commitment. The prices of homes tend to increase over the years, but usually at a slow rate. With the financing and other expenses associated with owning a home, you can lose money if you sell within five years of buying a property.
You also have to think about the upkeep of a home. Everything from mowing the lawn to putting on a new roof is your responsibility. The costs can really add up. Then add taxes, water and other expenses and you can get into some sizable payments.
There are also substantial financial advantages to owning a property. The part of your monthly payment that goes toward the principal is all equity. As your equity increases with time (and payments) it will be a source of financial stability for you, giving you collateral for a loan or producing a large sum of money if you sell.
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