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Owning a comfortable home with a green lawn has long been an accepted standard that almost all Americans aspire to. But just as there are two sides to a coin, there are pros and cons to owning a home. What do homeowners in America benefit from and what do they disadvantage?
The good news: Every young family in the U.S. can buy a home with a 20- to 30-year mortgage. And the interest rate is usually under 5 percent per year.
Less: Over the past few years the price of houses in some areas of the United States has increased substantially. For example, homes in the suburbs of New York and New Jersey have increased in price by almost 20% over the past two years. And this situation is not just limited to New York State. All of this has led to the fact that home ownership is no longer as financially enticing as it was even 5 years ago. More and more American families, who used to take out loans and buy cozy homes, now prefer to pay monthly rent. In only three states out of fifty, the monthly mortgage payment on their home remains lower than the monthly rent for a similar home.
Plus: Once you become a homeowner you are free to redecorate your abode to your liking. Paint the walls any color you want, remove carpeting from the floor, change the tiles in the bathroom, and install a decent faucet in the shower – whatever your heart desires.
Minus: Unfortunately, however, your design flights of fancy are unlikely to extend beyond the home. If you bought a house in a nice neighborhood and on a nice street, before you put a pergola on your lawn, you will have to check whether it is forbidden by local regulations.
Plus: When you have your own house, you can have parties or invite guests over for a barbecue party. All Americans have a grill in the backyard. It is a privilege of home owners to grill on it whenever and wherever you want. When you rent an apartment, it is usually tight with a grill and to enjoy meat with smoke, you have to go to the city park in search of a public barbecue.
Minus: However, before you host parties, especially if you’re inviting more than two families, you need to warn (read: get consent) from your immediate neighbors. After all, your guests will make noise and clamor and they will occupy the street with their cars (only a few cars can park near your house). And do not warn your neighbors, they can call the police, citing the fact that near their house someone else’s “suspicious” car parked.
Plus: Your friends who do not have their own house will be jealous because you now have a house in a good area and with a nice green lawn.
Minus: You’ll be the one who has to maintain and care for all this beauty. Have a leaky roof? Buy the materials and get on the roof, or be prepared to pay for a handyman to do it for you. In a rental property, the landlord’s management company does all this for you, and most often these services are included in the rent.
