10 Negatives to Owning a Home
1. Yard Work
When I lived in a condo, I never had to worry about how my yard looked and if my neighbors were upset that I let my lawn grow. It is expensive to maintain a lawn. Or, if I mow it myself, it takes 2-3 hours.
When the yard looks good, it is a nice feeling, though.
2. Monthly Expenses
As a renter, you pay your rent and have no other worries (aside from the landlord raising your rent), but assuming all costs associated with a home is more than people lead you to believe. I've got termite preventative costs and flood insurance, on top of normal insurance. Sometimes, I pay for lawn care. Yes, my mortgage is a good deal, but there are others costs.
You got to paint every couple of years. You may need a new roof. Other costs to keep up with the Jones's.
4. Finding Help
I am not handy. And it is not easy to find someone who is reliable and can help.
5. Taxes and Insurance Costs
They may go up. Some of my friends who live in areas with hurricanes are having their insurance costs skyrocket.
You lose the flexibility to pick up and move if you own a home. You may feel an obligation to stay.
I had never been to Home Depot before I bought a house. Now, I go way too much. And search online for things for my home. I also look on YouTube for videos of how to fix small things. I'd rather waste my time doing other mindless things.
What if home prices crash? What if I want to move and I can't sell my home? What if my neighbor is a weirdo?
9. Positive - No rent increase
Right now, with inflation high and rent costs skyrocketing, it is nice to have a mortgage with a low interest rate.
10. Positive - Stability
Moving is stressful. Staying put is nice for families.