Disadvantages of Buying a home

Buying a house has its positive and negative aspects and it is not for everyone. Depending on your life style and stage in your life it may or may not be the right time to buy a home.

Disadvantages in buying

  • Larger costs then renting. Not only now will you be paying a monthly mortgage but include the added costs of maintenance and repairs.

  • Bad Area. Depending on the area you moved to could have implications on your long term ambitions; this can require living through a period with bad neighbors, unhelpful council and many other problems that can plague an area. After you've bought a home, you may not have as much flexibility in choosing a new location or job .

  • Inflexible to job opportunities. After you have bought your own home there will not be as much flexibility in choosing a new job in another location.

  • Home prices fluctuations. Depending on when you bought your property during a boom or bust period could influence the appreciation or depreciation of your properties value. There's no guarantee that your home will increase in value, especially if it was bought overvalued.

  • Below are some disadvatanges of buying a home.