There comes a time in almost every young person's life when leaving the nest is inevitable. Maybe it's because of school, work or an internship opportunity. Maybe it's just time for a little freedom and independence. Maybe it's time for a change of scenery. Regardless, the fledgling flies off, bound for adventure, usually finding a decent space to rent and learning important lessons on time and money management, in addition to the responsibilities of taking care of oneself.
When I first flew the coop at 22, I left to take an internship through the Disney College Program. Living, learning and earning was the credo, and I found myself doing quite a lot of the first two (though I could have done with a little bit more of the last one). Through trial and error, I made it work. I learned how to take care of myself and my finances.
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Seven years later, when I got married and moved into my husband's apartment, I was thankful for the experience afforded to me earlier in life as the two of us learned how to take care of each other. We were able to work together sharing responsibilities, saving a little money and using it as a down payment on a house of our own last year.
We don't regret our decision to buy a home, but there are a lot of things that nobody told us about being homeowners. The transition from renting to buying is huge, and when it comes time to make that decision, only you will know if you're ready or not. Here are a few pros and cons about owning your own home to help you on your way:
Pro: Living rent-free means freedom!
You can do what you want, when you want. Crank up that bass. Party until 3:00 a.m. You're not going to wake neighbors on the second floor, because there aren't any!
Con: Living rent-free means the guy who cuts the grass doesn't live upstairs anymore.
I hope you saved enough energy from that party last night. Here's hoping you can spare an hour or so to sacrifice on lawn maintenance, because that grass isn't going to cut itself, and your old landlord isn't going to drive over to your new place to do it for you.
Pro: Paying that mortgage means you're building equity.
Someday, you'll be able to cash in on your home, or maybe just pass it on to your children. In any case, you're investing in something that you will one day own, and that feels so much better than paying rent.
Con: Paying that mortgage means you are going to have to pay for a few other things.
Homeowners' insurance, utilities, repairs... the list goes on. You never realize how much water you use until you have to open your wallet every month. And should a beloved appliance give up the ghost, you can't just make a phone call and get a repairman or a replacement for free like you could at your old place. That's on you now.
Pro: Buying a house means owning your own stuff!
See that refrigerator? That washing machine? That dryer? Yeah, it's mine 'cause I bought it.
Con: Buying a house means paying for your own stuff.
See that refrigerator? That washing machine? That dryer? Yeah, I had to replace all three before the first year was up. I guess they must have been included with the house because haul-away is expensive.
Pro: Being a homeowner means finally being able to start putting money aside into savings.
Great! You aren't saving up for a down payment on a house any more. Provided your new mortgage isn't much more than your rent was, you can put all of that money right into savings (highly suggested) or, y'know, don't (please, for Pete's sake, think about what you're doing).
Con: Being a homeowner means taxes, taxes and more taxes.
Property taxes. School taxes. Hopefully you've got some of that put away in escrow, but taxes rising is inevitable. Be prepared. When those little love notes from the township start showing up, consider yourself warned.
Pro: Getting a place of your own gives you a place you can always call "home."
It's your property -- paint, renovate, plant a tree. Make changes. Start a family, even. Fill it full of memories and love. You don't have to get permission from the guy who owns it, because that's you (although checking with your township for zoning laws and building permits is still required).
Con: Getting a place of your own means having to turn down certain opportunities.
Once you're investing into a home of your own, there are certain things that become very difficult or impossible to do. Some jobs may offer exciting opportunities to spend weeks or months traveling to different locations. Maybe you'll even be asked to relocate permanently. It's a lot easier to exit a lease than it is to put a house up for sale, so make sure you've thought carefully about the location of your home and the occupation you're in before tethering yourself to a 30-year mortgage.
After saying all of that, my final point is that of unity. Owning your own home means that you are part of a community. When local elections, chicken barbecues and county fairs are happening, you care. Sometimes, you might even participate. You've got a new sense of pride about the town your live in, and you're not afraid to show it.
So, take these pros and cons to heart as you're considering buying a home. Take your time and think it through. Hopefully, you'll be better prepared for the challenges ahead.
