Monday, 06 April 2020

The Ups and Downs of Home Ownership on the East Coast

Written by Posted On Friday, 15 November 2019 23:03

Being a homeowner can be a dream come true. It is, after all, part of the elusive American Dream. However, owning a home does have ups and downs. Read more to learn about the advantages and disadvantages of homeownership, specifically for East Coast residents.

Financial Advantages to Owning Your Home

Owning a home can give you certain financial advantages. In general, most homes appreciate over time, and there is a bonus of the mortgage interest tax deduction. Building equity in your home is a great way to help you build your financial portfolio and save beyond what you have in the bank. In addition, you will eventually eliminate your monthly mortgage payment when you pay off the loan, whereas you will always pay rent on leased property.

Financial Disadvantages to Owning Your Home

To put it frankly, it can be expensive to own a home. When you are renting and something goes wrong, you can just call up the superintendent to address the issue for you. When you own, however,the problems and solutions are wholly on your shoulders. While ongoing maintenance can be helpful to curb certain major issues, there are unexpected and uncontrollable circumstances that homeowners find themselves in all over the country.Thanks to the harsh weather patterns common on the east coast,this can be even more extreme.

It is wise to save money every month in a fund that is dedicated for future home repairs. This will help you in times of need when a repair can’t wait, and also help you avoid going into too much debt should an emergency arise.

New homeowners may not have a house emergency fund set up yet when they are facing an unexpected but extreme home repair emergency. Just imagine –it’s the middle of winter in Delaware, and a gust of wind knocks a tree limb down and right into your living room window. The frigid air outside poses a risk to your health and safety, meaning this unexpected home repair is one that cannot wait. Even if insurance does cover the cost to fix the window, you must make a claim and wait for the money.One option might be to simply cover and seal it until you can make a permanent fix, but this is much more feasible in spring or summer than winter. Luckily there are options like short term loans that can help in an unexpected emergency if you don’t have the funds on hand to cover it, and even if you don’t have perfect credit. Installment loans for bad credit in Delaware can be found easily onlineand they may help you through an unexpected yet critical home repair.

The Joys of Owning

The simplest and most coveted joy is the fact that you own your home and property and can make it into your personal happy place. How you decorate, landscape and maintain your property is completely up to you. The pure pride you get from knowing you have this piece of valuable property is hard to compare to any other ownership – it is your safety, your future and possibly the greatest gift to hand down to future generations. East coast, west coast or anywhere in between – you can’t argue the fact that Americans love their homes and take great pride in ownership.

Ways to Cover the Expenses

A good homeowner’s insurance policy is a standard method of protection. Many policies will cover some disasters like fire, wind, lightning and hail. Still, most insurance policies will not cover flooding or hurricane damage, although it may be possible to add a separate flood rider to your existing homeowner’s insurance. Be aware of the possible additional dangers specific to your area and take the necessary steps to protect your most valuable asset.

Final Thoughts

There are many ups and downs to owning your home. Generally, it is a solid financial investment in your future. You can prepare for regular expenses like homeowner’s association fees, property taxes, minor repairs, upgrades, and insurance. However, when an emergency strikes, have a plan in place for financing so you can keep on living the dream!

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tracy handy

Tracy is a full-time real estate advisor and blogger. she specializing in real estate technology .and she would like to write real estate,  home improvement topics.
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