What is one risk of home ownership?
Answers:
That you conjecture you are insured but next Hurricane Katrina hits and you house is destroyed and you find out you should enjoy have flood insurance but you don't.
decline of home prices
loss of home(can be expensive even if insurance rebuild the home)
that the river radiator will bust and flood your home.
that you will lose your career and be powerless to take-home pay the mortgage.
that your neighbprs will deal in their house to slobs who lower your property values.
that you will be powerless to recompense the mortgage
Unexpected repairs are YOUR responsibility when you own a home. It can be daunting but I love have my own house. :)
Not making your payments is one.
Not mortal competent to state your property including your house. Maintenance is an on going expense.
The solitary other physical risk is if you buy contained by a poor nouns that does not increase in pro or decrease, or if you build or remoldel within excess of the helpfulness of housing around you.
Major debt for 25 to 30 years
Risks?
The downsides that we've have within 8 years (though we expected some of them) are these so far:
underground room leaks
the dampen radiator died (was 10 years old)
the furnace died at age 23 (they single ultimate 20-25 years)
loose window, we replaced them
reshingled the roof, it have 2 layer on already
redo the plumbing lines from the wet meter to the kitchen sink.
replaced two toilets (one cracked, the other broke inside the workings on top)
ceiling crack in bedroom
foundation crack undetected by colossal bush within front have to be recemented
lightning strike 2 houses away blew out our side light & took out both modems on the computers
replaced antiquated electrical box to update amperage
trimmed tree branches baggy over house
Having your Deadbeat brother-in-law move in beside you.
I've owned houses and they're greatly of maintainance and something *ALWAYS* desires to be fixed.
I very soon live within a condo surrounded by Myrtle Beach, SC and everything outside is taken caution of by the condo association!
Lawn, pool, trash, parking lot, bushes and shrubs, fine art, wash doesn`t matter what.
It give me greatly more time stale to do what I want to do.
I'll never own a house again.
Condos are the road to progress!
FORECLOSURE!