Most people grow up believing that a big part of the American Dream revolves around home ownership. We look forward to the day that we will be in a position to purchase our first home and enter into the world of real estate. Home ownership is perceived as representing prosperity, responsibility and stability. But the truth is, that not everyone finds home ownership to be the wonderful experience that it is heralded to be. There are many reasons why some homeowners promise that as soon as they sell their current home they will never purchase another house; ever!
Along with the benefits of owning a home, such as a tax break, there are aspects of owning a home which are less glamourous and are usually never mentioned. The first is maintenance. Not only is there the normal cleaning which you always have to deal with but homeowners need to constantly be making repairs as things wear out or break. Garage doors that won’t open, carpet that wears out, plumbing leaks and drips that drive you nuts until they are corrected. As a renter, all of these issues are a simple and quick fix with a call to the landlord or property owner. Hot water tank quits working, just make a call and answer the door and someone else has to lug in a new tank, not to mention paying for the tank and the labor to install it.
In the heat of the summer or the cold of winter, a renter is never the one to pay to have new energy efficient windows and doors installed. The owner is responsible for providing a safe and comfortable living environment to a renter and must continue to make repairs and renovations as they become necessary. And as a property ages, these needed repairs begin to occur more frequently and at a greater expenses.
In addition to caring for a property, the owner pays property tax, insurance, utilities and more. Certainly they are passing along some of those costs in the form of rent. But renters have a lease of normally a year so rent can’t be raised to help cover the cost of an expensive repair, at least not until next year. And if the rent continues to increase each year, then the tenant is likely to move out and then the landlord is left with no rent coming in.
Ownership is said to have its privilege but it also has a few strings attached that make it less appealing to many consumers. If you want to sell your current home quickly and end the litany of repairs and expenses contact Phoenix Home Buyers Group to learn about the benefits of a fast, all cash sale to a real estate investor.