Homeowners sure like to flaunt the fact that they’re homeowners, don’t they? They get pure joy in sharing their DIY stories and boasting about how they can grill on their decks without any violations… and for what? To make renters feel bad for not owning a home yet?
What homeowners fail to realize is that homeownership is something some people just don’t want. It’s not necessarily because they can’t afford it but literally because there’s nothing about it that’s appealing to them.
Of course, homeowners will tell you all the best aspects of homeownership like how you can have your own parking and add style to your home without any repercussions… It’s almost as though they’ve forgotten that renting can have some of those same benefits as well.
For example, homeowners and renters alike can now enjoy renewable energy now as opposed to it only being limited to homeowners. Also, in certain areas, whether you’re a renter or homeowner, you now have the ability to choose your own energy supplier to reduce your monthly electric bill.
The point is that there are certainly pros and cons to both homeownership and renting but most people would agree that there are way more drawbacks to homeownership than it is to rent. Sure, with homeownership, you have the freedom to function and operate as freely as you please, but it indeed does come with a cost.
Take a look at some of the biggest turn-offs of homeownership.
Photo by Kelly Lacy
Drawbacks of Homeownership and Why It May Not Be For You
Repairs and Maintenance
Whether you live in an apartment or condo, it’s much easier to be able to call maintenance to fix your broken water heater or air conditioning unit than to do it yourself. Repairs and maintenance are the very things that turn people away from the idea of homeownership… They just don’t want the responsibility of maintaining a home, especially from a financial perspective.
As a homeowner, all maintenance and repairs to your home come out of pocket, and to most renters, paying for those things is just out of the question.
The Potential For Your Home to Be Foreclosed
A homeowner having their home foreclosed is the equivalent of a renter getting evicted from their apartment or rental property, and it’s not fun for renters or homeowners alike.
Foreclosure is the sale of your home from the lender when a homeowner fails to make their monthly mortgage payments. Failure to make those payments is called defaulting on your mortgage, and when this happens, the lender can take your house away.
This is something that always hangs over the head of a homeowner because the potential is always there. According to theatlantic.com, the reasons people default on their mortgages vary but the consequences can be quite serious. Everything from damaged credit to legal action can weigh heavily on your ability to make major purchases in the future.
Ultimately, you can have the same type of consequences with a rental property but sometimes leasing managers are more empathetic to certain situations and are more willing to work with you than lenders.
As a renter, you have more freedom and flexibility to leave when you please. If you grow tired of your neighbours or if your job relocates you, you have the ability to write a letter, pay the fee to break the terms of your lease, and leave… homeownership isn’t as flexible.
When you buy a home, it’s yours and you can’t just abandon it; you have to sell it. Selling your home is a debacle all in itself, and can be quite the burden when you need to sell fast. On average, it can take at least eight weeks to find an interested buyer, and it can take an additional month to officially close the deal.
The Hefty Price Tag of Homeownership
Again, there are definitely some pros to being a homeowner but the hefty price tag associated with it isn’t one of them. One thing that homeowners enjoy doing is bragging about how their mortgage payments are less than what people pay in rent.
Well, that may very well be the case but homeowners also have to pay HOA (Homeowners’ Association) fees, homeowners’ insurance, property taxes, utilities, and upkeep expenses… When you add that up, renting sure sounds much more appealing and affordable for that matter!