To buy or to rent, that is the question for many black families. For many, buying a house will be the biggest purchase they ever make. This is exactly why many people either don’t end up buying, or even if they have the money, don’t want to buy.
But if you’ve the chance to, should you buy a house? Or should you just rent? We look at the pros and cons of each as a black family. I hope it helps you make a decision either way.
Why You Should Buy Your Own House
The most exciting thing about buying a house is the fact that you’ll have a permanent place of residence. Find a city that you find safe for you and your family and settle down. Unlike rented property, you’ll have a lot of freedom as a black home owner.
If you want to pull down a wall, add a room or even make some minor or major tweaks, you can do that. You’re your own boss since the house is yours. You should also keep in mind that buying a house is a good investment.
You could rent it out in case you want to move to another place or even sell it. You can also rent out several rooms in your house if you have extra which means that other people will help you pay your own expenses. Great, right?
If you buy your house at a young age, you’ll complete paying the mortgage early enough which means that you’ll only have few expenses to pay for housing for the rest of your life. There’s a form of satisfaction that comes with owning your own homes. It’s yours, and that’s the joy of it!
Why You Shouldn’t Buy Your Own House
On the other hand, buying your own house is not a bed of roses. To begin with, you have to pay a chunk of money for the discount which might be worth a few years’ rent. In most cases, you’ll need to take a loan in order to settle this payment.
Added costs include the taxes that you’ll have to pay for the house every year. On top of that, all the repair costs for any damage are on you. If you’re not the kind of person who diligently compares deals to get the best bargain, then you’ll quickly get frustrated.
For the spirited black women out there or those whose jobs entail lots of traveling, buying a house can be very limiting. When you move, getting a person to rent the house or even buy it could take some time. This means that all the house bills will be on you. Although a house is an investment, you can’t get instant cash for its value. Even if you sell it, you’ll probably be paid in installments. It sounds like buying a house is quite a handful!
The Ultimate Decision: To Buy Or Not To Buy
You’ll find a lot of information all around you regarding this topic. It’s difficult to come up with the right decision especially when the opinions you here vary greatly. There are those who’ll advise you based on their personal experience while others use sheer speculation and bias.
However, always remember that you’re the ultimate decision maker. If you’re comfortable with the idea of paying a mortgage for years to come, it’s your choice. On the other hand, if you feel that you’d like your money in the bank, and use it in small bits to pay the rent, that’s still okay. What matters is that you have a roof over your head.
Should You Aim To Buy Your Own House As A Black Person? Arguments For And Against
Choosing whether to buy your own house can be a tough decision. Carefully assess your options and decide what’s best for you. What do you think? Voice your opinion in the comment section below. 🙂