Pros and Cons of home Ownership

If you're considering purchasing a home in the 100 Mile area, whether it's your first or you just haven't done it in a while, let's discuss the advantages and the disadvantages. Hi, I'm Amanda Oldfield with eXp Realty. Let's start with the pros. First, your wealth can increase as you build equity in your home. Experts are predicting that home equity will continue to rise through 2023 with an average increase of 3%. 

For example, if you're buying a home at $250,000, after six years, you could have made 42,000 in appreciation. Secondly, rents are going up, but mortgages are holding steady at the moment, so owning can help you stabilize your monthly payments While your landlord might increase your rent, a monthly payment on a fixed interest mortgage will remain steady for the 8-term. Third, you'll have a secure place for you and your family to grow. You can decorate it the way you want and expand your home to create a dream home for yourselves. Fourth, you can gain extensive community. Homeowners are often involved in the wellbeing of their communities, working together to improve schools and making sure the elderly neighbors are well taken care of, especially here in the Caribou. Everybody knows their neighbors. 

Now let's discuss some of the cons to buying a home in the 100 Mile area. Number one, you'll need to consider maintenance costs. It takes effort and money to maintain a home in good condition. Just like a car, it's going to need regular maintenance. Second, selling a house might not be possible in the first few years of home ownership, so it's going to limit your flexibility if you're looking for a new job or looking to move. Third, your home's value can fluctuate. There's no guarantee it will appreciate and value. It might even decrease.