Benefits to buying a house? Cons?

Benefits:

- main one issecurity - as long as you pay your mortgage no-one can ask to you leave - so live there 1 yr, 10 years, for life - no such security in a rental - a landlord is under no obligation to renew your lease each time it ends. so you could be forced to move, even when you don't want to

- your mortgage will eventually be paid off - you pay rent for life

- you mortgage payments can decrease as well as increase - rent never goes down

- you will end up with an asset that is worth more than you paid for it. A rental place can't offer that

- you want a cat / dog or gerbil - well get one. No asking a landlord for permission

- you want to rent a room out for extra cash - do it. won't be allowed in a rental

- you want to paint every room black and silver - do it - try getting a landlord to agree to that

- you want to move the latest girlfriend / mate / group of friends in - do it - try getting a landlord to agree to that

- you want a new kitchen / bathroom / total refurbishment - do it. No waiting for a landlord

Cons:

- well you have to pay and organise any repairs yourself - but that is hardly a huge burden and the positives outweight the negatives

Cons are its work and responsibility and can bring on all sorts of problems. Pro is you can do whatever you want (within reason), paint a room if you want, add a deck if you can get approval, whatever. Also you eventually own this asset and can use it when you need money. For many people its literally the only savings they have (equity in their home) but still can be substantial amount of money.

you have nnore personal space

Cons:

- The biggest con is that you are responsible for all your own maintenance and repairs. I don't know any homeowners who have never had a problem with a maintenance or repair person. Even hiring a new gardener is a pain in the behind.

- You have no control over many of the costs == community votes for higher property taxes... you pay higher property taxes. Davenport, IA just approved over a 40% increase in school district taxes == time for all the homeowners to shell out more money.

- It's not as simple to relocate for a job or personal reasons

Pros: You own it and can customize it to your liking. Renting can be a pain because you are at management's mercy, certain rules you are required to follow. You are more in control of what your mortgage payments are as opposed to rent and increases. More privacy.

Cons: You're stuck there. You are financially responsible for everything. If your neighbors suck, you're screwed.

The pro is that after paying the mortgages you don’t have to continue paying rent. So after 15 or 30 years, you don’t have to pay the mortgage anymore.

Usually it goes up in value so depending on how lucky you are, the house value could skyrocket so you can make a good profit.

Of course, it could go the other wayand you’ll be dumping money into something that’s not worth anything.

You can do whatever you want. If you want a pet then you can get a pet. If you want carpet then get carpet. If you want a pool then get a pool.

Maintenance and upkeep isn’t cheap. Replacing a heater can run you several thousand dollars. Several hundreds for a plumber.

theres no cons unless you pay too much lol .. the only thing in the world really worth owning that has any real value is a house .. the trick is to understand whats going on with values where you plan to buy, you dont want to buy when the market is peaked out and pay 250k for something that will be worth 50k in 5 years .. you want to pay 50k for something that will likely be worth 250k in a few years ..

A house is a good investment is you have the money to pay for it. If you are going to buy it on contract the interest will eat your alive.