You will also need to insure both your home and your home loan against any unforeseen disaster, and one cannot anticipate when property taxes will suddenly increase.įinally, an unexpected loss of income (as can happen if one loses his job) can make things extremely difficult if one is paying off a home loan. One must also consider that maintenance and repairs to a self-owned home can represent a significant capital outlay, and considerable investment in terms of time and effort. It also restricts your financial freedom, since a large chunk of your money is tied up in the house. But these hallmarks of status are slowly giving way to some more unexpected. Moreover, there is always a chance that the hoped-for appreciation in value does not happen - this is quite possible if the neighborhood deteriorates and makes the resale of the home problematic. Logo purses, brand names, flashy cars, and even flashier rings have typically signified status among the wealthy. Owning a home can also bring hidden encumbrances with it.Īpart from the fact that one needs to make a substantial down-payment while buying a home, one is also making added commitments in terms of time and emotions. There is a time to buy, and a time to rent.
All of the above is true, but it does not present a complete picture.
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