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You own it and all money spent is not going into a bottomless pit. Interest spent is tax deductible, you can make changes as you see fit. If you have not owned a home before and meet the income requirements you may claim an 8K tax credit. You do need to pay for repairs when the happen. If you do not like your neighbors it is not as easy to move. Your home could go down in value but this is not likely to happen at a large scale since most depreciation has already happened.
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This is a great question. I have some of my own thoughts on the pros and cons of buying a home based on my own experiences.
Pros:
It's yours.
You can do what you want with it.
Build a better credit rating.
If you have equity in your home, it gives you borrowing power.
You can sell it and buy something newer and better in the future.
Cons:
Constant maintenance and upkeep.
If the market drops, then you could lose quite a bit of equity.
If you have a mortgage and you cannot pay it for any reason, it won't take long before the bank reposseses your home--you'll lose any money you put into it and won't make a dime.
This isn't a comprehensive list, but these are some ideas. I hope this helps!
What else can I help you with?
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