Buying a house is not easy when you have a limited amount of money. There are a few options which can help buyers to pay money for the mortgage. But, there are a few pros and cons of buying a house which you need to know first.
The Pros of Buying a House
1.You Can Make It Yours
Buying a house means you have the right to paint, tear down walls, or change fixtures. You are the owner and can do anything you want. Tenants don’t have the authority to paint or restructure their house. This is one of the greatest feelings for homeowners. Your house is full of fond memories. You can design your house in any way you want. This is the kind of freedom home owners have.
2.No Payment Hikes
There are more chances that the rate will remain fixed after you agree to the terms of the mortgage. Your mortgage payment will not increase over time. It is comforting for many people to know that the amount will not increase in the future. This can help you to make financial plans in the long run. There are a few areas where the rent price took a hike in recent years.
A part of your monthly payments go to your mortgage when you are buying a house. You earn a legal share in the equity with every payment you made. Your mortgage declines over time and you are moving towards owning a house. For instance, you pay the mortgage for 5 years, then you will have a big chunk of equity afterward. You can decide whether to buy it or move into a larger home after 5 years.
The Cons of Buying a House
1. Need Money for Down Payment
The mortgage company needs a fixed amount of cash as a down payment if you want to buy the place. Down payment is usually 5% of the total cost of the house. There are many programs which can help pay money for your down payment. There is a misconception among people that you have to pay 20% money as down payment. Talk to a lender to explore options if it is hard for you to pay the mortgage.
2.The Cost of Selling
You have to pay the Realtor fees and payment for repairs if you want to sell your house. If the home inspector finds damages, then it is your duty to get it fixed before the new owner comes in. Selling a house is more stressful than buying one. You need vigorous planning and the right agent to sell the house and get the most benefit out of it.
3. Homeowner Responsibilities
The owner handles all the repairs in the house. You have to look after the landscaping, heater, and repair frequent damages. Home owners insurance is of big help if you are on a tight budget. It can help you with major damages in your house.
Irvine townhomes are perfect for small families. If you wish to buy a house in Irvine, then get in touch with our expert agents.
Source : 92101 Urban Living