No matter whether you choose homeownership or a rental path, you’ll likely face your fair share of hurdles for each. To help make your pro-con list writing a bit easier, we’ll examine the parts no one wants to talk about - the most common cons of both options.
The first con to homeownership that comes to most minds is the permanency of it. Relocating after purchasing a home is much more difficult than doing so from a rental standpoint, so make sure you’re ready to stay in one place for at least a few years. Also, if the value of a property falls after it is purchased, the homeowner will be stuck with the result.
Secondly, as a homeowner, you are solely responsible for the repair and upkeep of your home. A leaky roof or a foundation issue will fall on your shoulders to fix. Liability can also be an issue in that a homeowner can be held liable for any accidents or injuries that may occur on his or her property.
Renting your home also has its own set of disadvantages, the first of which is a lack of equity. Unlike when you purchase a home, a rental property cannot be improved upon or sold at a profit.
Another con is the lack of customization available to renters. Rental properties usually cannot be modified to your respective taste. Finally, homeownership comes with its fair share of tax breaks, and renters will miss out on these benefits.
No matter your ultimate decision, CNE is here to help. We offer both homeownership counseling and rental properties throughout Chattanooga, and we’re ready to answer any and all questions you may have about finding “home.” Contact us today at 423-756-6201 or firstname.lastname@example.org.