As buying a house is likely one of the biggest investments you will ever make, it’s important to consider the advantages and disadvantages of homeownership. In this article, we weigh up the pros and cons of owning a house: how much these factors draw or deter you is up to you and can be key in deciding whether this is a process you want to commit to. 

 

The Pros

For many, owning a home is a dream come true. For the savvy and well-informed buyer, it is entirely possible to settle in a house within your means, which will service your lifestyle for years to come. Here are a few of the upsides that come with being a homeowner.

More Freedom

When you have your own home, you have the freedom to decide for yourself whether you want pets, a garden, or that extra bit of storage space. When you build your own home, this adds another level of freedom to that of homeowning. Need more entertaining space? The advantage of building in a master-planned community is that you can consult with a builder to address everything you’re looking for in a home. 

You Can Renovate

When you own a home, you are free to customise it to your heart’s desire. Depending on whether you buy an established home or build your dream home, this customizability comes in varying degrees. When you buy a house and land package, for example, you can work with the builders to pick a home design that reflects your needs and lifestyle.

Gains in Equity

Home-owning is a good long-term investment. With the stability of consistent payments on a fixed rate mortgage, further stability can be found with buying in a master-planned community and addressing all the costs upfront.

Pride of Homeownership

Owning a home is a big achievement and it deserves to be celebrated as such. For many people, putting their savings towards the investment of a home is a proud moment. Millennials typically struggle to break into the housing market, yet they are the next big generation to come of house-buying age. Buying in a master-planned community, close to the city but an easy commute, is one such way young people are achieving this. 

Settling in a Community

When you buy a home, you intend to stay there for a long time. Therefore the perks of owning a home is that you’ll lay down your nest in a location with all the amenities you need. You can make strong community ties, and get to know the like-minded locals.

 

The Cons

While owning a home is great, it is important to be aware of the added commitment before deciding whether it is for you. 

Extra Costs

Extra costs such as repairs, taxes, and insurance do come with owning a home. There are ways around this, however, such as buying a home with fewer repairs needed, or building a home so as to avoid costs like stamp duty. If you are building a home, you can reduce stamp duty if in a community such as Bloomdale as building a new home means you only pay stamp duty on the land. The upfront cost of buying a home is inevitable, however – and this is why it is important to not buy beyond your means. 

Landscape Maintenance

Owning a home means maintaining it. Some homes have gardens where others don’t; other homes take advantage of the nearby park space, as they sit ensconced in the natural beauty of their surroundings. 

Equity Takes Time to Grow

Just as you hear that owning a property will give you equity, it should also be known that equity takes time to grow. Property values can also change, which means there’s the risk of having to sell at the wrong time. 

 

 

Conclusion

Whether or not you decide that home-buying is for you, it’s about weighing up each side and assessing these against your priorities. Look at the short and long-term. Chances are, if you are in a position to do so, settling into a place of your own is an appealing one for most. 

 

For the best of country charm, comfort, and contemporary living, as well as the Melbourne CBD just a 30-minute drive away, Bloomdale is the place to be. With a wide choice of block sizes to suit your needs and established facilities at Diggers Rest, you’ll enjoy the convenience of connection from the first moment you enter the community.

 

At AVID, we create places where people love to belong. To find out more about our developments in Victoria, New South Wales, and Queensland and how you can invest in the home of your dreams, contact us today.