Both, living in rental accommodation and purchasing homes have their share of pros and cons. The joy of home ownership is always accompanied with multiple responsibilities that drive up expenses. Here, are the reasons that will tell you whether you are in the right position to invest in a house for yourself.
Tax Trouble
Start counting your penny that will go into the payment of property once you have purchased a home. Often you forget to estimate the number of expenses related to the yearly increase in taxes, especially when you get a makeover done of either a portion of or the entire home.
Maintenance Charges
If you desire a home enfolded by a luxuriant lawn or a mini garden on one side, then do add the maintenance costs as well, to your monthly budget. Even if you don’t spend on a professional, the costs of materials and tools required, aren’t insignificant either.
Safety Updates
Usually, the bills of safety features are adjusted into the monthly rental fees paid to the landlord. But as a homeowner, you will have to pay for such expenses all by yourself that is likely to increase as you upgrade the gadgets and improve the security of your house since the peace of mind also doesn’t come for free.
Home Repairs
Unless you have scrutinized every little detail of the property right down to the tiniest but important features such as faucets and door handles, you must lay aside a sum that amounts to around 1 % of the property purchasing price.
Full-on Investment
Other than money, buying a home also demands dedication, budgeting and most importantly, care through renovation, redecoration projects. Whether it is a brand new or resale property, your work of doing the interiors is no less time-consuming. Don’t forget to include the expenses of purchasing furniture items and other furnishings to fill the additional square feet area as against the existing room space in your rental home.
Insurance Coverage
Don’t forget to include the price of your home insurance policy especially, if your property is located in a natural disaster-affected area or it is old with outdated plumbing and electricity. You need to be very particular about the selection of insurance so that it covers all your needs.
Pest Control
Being a homeowner, you won’t get anyone for entertaining your complaints against any sudden attack of pests at your home. Either counteracting them occasionally or taking preventive measures from time to time, the bills will follow the huge amount that you have already spent on buying the house.
Notwithstanding the above-mentioned facts, buying a home is more favourable than living on rent, from the standpoint of financial security and mental satisfaction. You just need to be alert of all the expenses that are interconnected with your becoming a homeowner so that you are financially prepared beforehand to avoid any shortcoming. Are you looking for a flat in Kolkata? Get in touch with transventor.in for hassle-free and near at hand solutions for selling, buying or renting properties.
