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Risks of Owning a Home!
Homeownership is a usually good investment for most people, but like with all investments there are risks. Understanding both the benefits and risks of home ownership will help you weigh your options to see if it is right for you.
Repairs and Upkeep: You become your own landlord so all repairs and upkeep become your responsibility. If an appliance breaks, it will be up to you to repair or replace it. The overall upkeep of your home year after year can dramatically affect the resale value of your home.
Life changes may affect your situation: Unexpected life changes like, change in jobs, health or family issues, can dramatically affect your living situation and you may need to sell your home. Depending on the current market conditions, you may not be able to sell quickly and you may be faced with additional expenses.
Property values can depreciate: There are many elements that can affect the value of a home, such as, market values, maintenance and up keep of the property, recession, or changes to the neighborhood. Whether your homes value increase or decrease you are still responsible for the total amount of your mortgage even if it is worth less than what you owe.
Repairs and Upkeep: You become your own landlord so all repairs and upkeep become your responsibility. If an appliance breaks, it will be up to you to repair or replace it. The overall upkeep of your home year after year can dramatically affect the resale value of your home.
Life changes may affect your situation: Unexpected life changes like, change in jobs, health or family issues, can dramatically affect your living situation and you may need to sell your home. Depending on the current market conditions, you may not be able to sell quickly and you may be faced with additional expenses.
Property values can depreciate: There are many elements that can affect the value of a home, such as, market values, maintenance and up keep of the property, recession, or changes to the neighborhood. Whether your homes value increase or decrease you are still responsible for the total amount of your mortgage even if it is worth less than what you owe.
If you need any more information on this topic or buying or selling a home, contact us. We are here to help.
Pamela Edwards, realtor Ebby Halliday Realtors, Inc (972)715-0152 email me
Pamela Edwards, realtor Ebby Halliday Realtors, Inc (972)715-0152 email me