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The Pros and Cons of Buying Your Own Home

Buying a new home can be quite exciting. But then it's something that should be planned and carefully considered. After all, it is a commitment that you would be tied to for a long time. You would be responsible for paying the mortgage for so many years. But you get to fully own your home in the end as well. Well, it's almost the same as paying a monthly rental. But again, you are committed to make the mortgage payment for a long time until the term of the loan is finished. On the other hand, when you are renting you would not ever own the house or the unit. You would just be spending money. But when you are buying a house you are investing your money as well. Of course, you need to make sure that you would also be granted a mortgage loan. Better yet, you even have to assess your paying ability yourself. Based on your income, payables and expenses, do you still have enough money for the monthly mortgage? In addition to that, you would still incur more expenses like homeowners association fees, condominium fee and other maintenance costs. So again, while you get to own the house, you must make sure that you can afford to buy it. Even if you don't intend to stay there for a long time, it is still a good investment. Anyway, you can also sell it at a higher price when you want to move to another location later on.