Things to Know

Knowing if homeownership is right for you requires consideration of both the advantages and disadvantages of owning a home.



You can live in your own home for your whole life if you wish. Purchasing your home with a fixed-rate loan will insure that the principal and interest payments of the loan will never go up, although the amount you pay for property taxes and homeowner’s insurance may increase each year.  Owning a home often comes with feelings of permanence, and can add to the security of your day-to-day life.

Tax Benefits

You may pay less income tax because all the home loan interest and property taxes you pay in one year may be eligible as tax deductions.  A meeting with a tax advisor will help you determine your actual income tax savings.


Your mortgage payments are like an investment.  They are similar to a scheduled savings plan.  Over time you pay down your loan balance and accumulate equity which represents your ownership interest in your home. Aside from gaining equity as your mortgage balance is reduced, your house may increase in value, thereby providing you with additional equity.

Freedoms to make your house what you want

Most people who rent an apartment or a home give little thought to making improvements which best fit their personalities.  Homeowners enjoy the opportunity to make their home a major part of their lives through maintenance and improvements inside and out.  There is a peace that comes to homeowners as they add amenities special to their needs and personalities.

Possible Disadvantages

Lack of Flexibility

Homeownership requires a commitment.  It may not be the right time to buy if you are anticipating a move in the near future.  New jobs, transfers, an anticipated occurrence which will take you out of the area may be reasons not to buy, yet. Depending on the housing market, it may be easier to give a landlord a 30 day notice to move than to market, sell or rent your home. You may not be able to rent your home for the amount needed to pay your mortgage, property taxes, insurances and other related monthly expenses for your home. What if your home is not rented all the time? Vacancies must also be considered in addition to maintenance and repairs.  If  there is a lack of equity in your home at the time you decide to sell it, you may need to dip into your own savings in order to sell.

There are No Guarantees

Equity is a wonderful benefit of homeownership. However, there are no guarantees that you will gain equity during the period in which you own your home.  There are no guarantees that you will continue to like the neighborhood.  There are no guarantees that our next move will be a “move up”.

Homeownership is not for everyone.  Take the time to consider all the benefits as well as the challenges of homeownership to determine if owning a home is right for you.  We are here and available to provide information, answer your questions and better help you to make the decision right for you.