Question #305914
Planning to Buy a Home
For this discussion discuss the pros and cons of buying a home. Compare the costs and benefits. Include your alternatives.
Create a list:
- Pros/Cons
- Costs/Benefits
- Alternatives
Use this list as an original post and explain how this list might influence your overall decision to buy or not buy a home.
Context Link: https://saylordotorg.github.io/text_personal-finance/s13-buying-a-home.html
Expert's answer
pros
its a store of value and possible equity growth
lifestyle choices
decorating/renovations choices
pride of ownership
cons
substantial financial obligation
significance annual expenses
less liquidity
less mobility
The cost of buying a home is way too high than when one is renting. However, there are numerous benefits when buying a home than when living in a rented apartment. The house itself if you're the owner, its a store of value and you can decide to either decorate or renovate if you so wish.
The alternatives to buying a home can be opting for either a cooperative house or a manufactured house so long as you have the full ownership of the place. Nowadays many people are opting to having their own place or house rather than renting.
