We are Real Estate Consultants. While yes, we do make our living selling real estate, it isn’t always in the best interest of our clients to buy a home.
In this video, Abraham Walker discusses the Disadvantages of Home Ownership.
Homeownership isn’t always the right thing in the right time. There are some reasons why you may choose to hold off on the process of purchasing a home.
1. Closing costs, down payment, and other funds needed for purchase.
If you are not using a “no money down” or “down payment assistance” program, there will be a substantial sum of money required to get into the home. Special loan programs, such as VA, FHA, and USDA loans have very minimum costs related to the closing table, but you will still have to pay the inspection costs, and relocation costs (if needed) to make the move.
2. You don’t get to pick your neighbors.
The neighbors you buy near are the neighbors you’ll have until you or they leave. They may have pets that drive you insane, or habits that irk you to no end, but they own their home too.
3. Homeownership is NOT flexible.
If you enjoy the flexibility of being able to move from one place to another at the end of each lease, then homeownership isn’t the option for you. Those who enjoy moving from city to city will feel trapped in a home they own, unless they choose to rent or lease the home while they are out.
4. Daily, Monthly, Yearly expenses.
For as long as you hold a mortgage note with a balance, you will owe on that mortgage, 10-15-30 year mortgage terms are a lot of payments. Taxes will always be due. Home maintenance costs that are normally carried by a landlord or property management company now fall into your hands. Everything from painting the interior of a home when your kids draw on the walls or you’re tired of the color to the repair of a major appliance to the fees of lawn care or snow removal services to the replacement of the roof- these costs are now your responsibility to manage and cover.
For most people, the advantages of home ownership outweigh these disadvantages, give Abraham Walker a call at (703)539-2053 or email me at Abraham <at> AskAWalker (dot) com. Ask A Walker serves the Alexandria, VA area and surrounding communities.
About the Author: The above article was written by Abraham Walker, Your Northern Virginia Real Estate Agent, helping clients market their homes to achieve high sales with a quick closing time is my main priority.
He’s the co-founder of Ask A Walker and can be found on YouTube, Facebook, and HERE on this blog.
Abraham can be reached via email at [email protected] or by phone at (703)539-2053.
He’s happy to answer all your real estate questions.
Thinking of selling your home? Check out 20+ step process to selling your home. Or contact me now to start the home selling process. Same day appointments are available on a case by case basis.
I help people sell and buy real estate in the following Northern Virginia area cities & neighborhoods: Kingstowne, Island Creek, Cameron Station, Overlook, Alexandria, Old Town, Belle Haven, Fort Hunt, Mount Vernon, Springfield, West Springfield, Burke, Lorton, Woodbridge, Lake Ridge, Manassas, Annandale, Fairfax, Arlington, McLean, Reston, Herndon and of course Vienna.