Shared Home Ownership

Pros and Cons Of Home Ownership

To own a home or rent a home? I am sure this question has been debated by many millions of potential homeowners.

It is a big decision and both sides of the coin have their advantages and disadvantages. I would like to share some of my opinions with you.

Advantages of Owning A Home

Having your own home is something many people strive for especially for those thinking of starting a family. You get a sense of freedom and security since the house is yours and you are free to do whatever you want with it. You are free to hack and decorate your house to your taste.

An advantage of owning a home is that it can be a great investment tool. Think of it as Investing in real estate, only that you live in it as well. The government also has various kinds of tax rebates and deductions for home owners.

The biggest advantage of owning your own home versus renting it is that your monthly payments are not “wasted”. What I mean is that when you own a home, your monthly home loan payment goes towards paying your home. When you rent a home, the monthly payments only help to line the homeowner’s pockets.

Another interesting thing is when you own a home, your credit rating goes up a lot as well, thus you are able to get better loans at a lower interest rate.

Disadvantages of Owning A Home

There are some disadvantages to owning a home. For example, you are liable for any accidents and injuries on your property. Getting a home insurance policy covering such cases can offset this. However, there is a cost involved.

You are also liable for any damage that is caused to your neighbor’s property if the cause comes from you or your property. An example would be a fire breaking out from your home and spreading to your neighbor’s homes damaging their properties. In this instance, you are liable to pay for the damages caused.

Wear and Tear is part and parcel of owning a home. For example, the water pipes may turn rusty, windowpanes may need refurbishing or the garage door is broken. From time to time, you need to spend some money on maintaining your house.

Your home loan needs to be paid on time and so is your home insurance. Therefore, it can take a toll on your financial commitments. So be sure to plan your home loan payments properly.

Though there are various tax rebates and deductibles when owning a home, you still need to pay property tax each year.

As you can see, owning a home requires financial commitments. So be sure to plan ahead before getting one.

About the Author

Dan Lim works in a finance company specialising in
home loan
.

CASH Coalition Home Education Video

The Cottage Rules: An Owner’s Guide to the Rights & Responsibilities of Sharing Recreational Property $6.80 The Cottage Rules sets out no-nonsense, easy-to-use guidelines for cottage owners who share ownership with others. It deals with everything from succession to laundry. The rules work to prevent conflicts, so that your relationship with your partners can be either as close or as distant as you desire….

Saving the Family Cottage: A Guide to Succession Planning for your Cottage, Cabin, Camp or Vacation Home $19.95 In Saving the Family Cottage, attorney Stuart Hollander explains why problems arise when a vacation home is passed on to the next generation (unequal wealth distribution among siblings and cousins being the usual culprit) and offers practical suggestions on how to address this problem. Hollander suggests how to incorporate succession planning for a vacation home into an estate plan and gives pract…

Neighbor Law: Fences, Trees, Boundaries & Noise (5th edition) $26.99 Is a neighboring business driving you crazy? Too much noise from next door? Run-off from up the hill threatening to drown your yard? Learn your rights and responsibilities with Neighbor Law, Nolo’s clear-cut, comprehensive guide to the laws concerning common neighbor disputes. The popular bestseller covers: fences trees boundaries blocked views noise water issues neighborhood bu…

Employee Ownership $89.22 Employee ownership occurs when a business is owned in whole or in part by its employees. Employees are often given a share of the business after a certain length of employment or they can buy shares at any time. A business owned entirely by its employees (such as a worker cooperative) will not, therefore, have its shares sold on public stock markets, often opting instead for mixed ownership arrangements involving a trust. Employeeowned companies often adopt profit sharing where the profits of the company are shared with the employees. They also often have boards of directors elected directly by the employees. Some corporations make formal arrangements for employee participation, called Employee Stock Ownership Plans (ESOPs). Author: Miller, Frederic P./ Vandome, Agnes F./ McBrewster, John Binding Type: Paperback Number of Pages: 114 Publication Date: 2010/01/06 Language: English Dimensions: 5.98 x 9.01 x 0.27 inches

The Cottage Ownership Guide $9.99 This book is designed to help first-time buyers and long-time owners make the most of a cottage investment. Douglas Hunter provides expert advice on all aspects of ownership of a second home, from finding and buying the perfect cottage to selling it or handing it down to the next generation. The hundreds of tips and cautions, sample documents and comprehensive checklists lead to maximum enjoyment of a cottage and minimal unhappy surprises. The book is jam-packed with solid information and easy-to understand advice, including: How to choose the right location; Finding the perfect property to match a lifestyle; Finding the right real estate agent; How to inspect a vacation property; Cottage surveys; Financing the purchase; Co-ownership arrangements, including fractional ownership and time-shares; Strategies to minimize taxation in the U.S. and Canada; Trouble-free rentals and using a rental agent; Boosting market appeal when trading up or selling; How to structure a cottage inheritance to reduce taxes – and family disputes; Retiring or relocating full time to the cottage. This all-in-one resource also identifies potential problems and offers effective solutions to common challenges.

Employee Ownership and Shared Capitalism By Carberry, Edward J. (EDT) $47.39 Author: Carberry, Edward J. (EDT) Series Title: Labor and Employment Relations Association Series Subtitle: New Directions in Research Publication Date: 2011/07/31 Number of Pages: 346 Binding Type: Paperback Language: English Depth: 0.75 Width: 5.50 Height: 8.25

Ownership $81.25 Ownership. Public ownership, Personal property, Private property, Common ownership, Worker cooperative, Intellectual property, Real estate, Cooperative, Slavery, Ownership society, Cadastre, Legal person Author: Miller, Frederic P./ Vandome, Agnes F./ McBrewster, John Binding Type: Paperback Number of Pages: 96 Publication Date: 2009/10/25 Language: English Dimensions: 5.98 x 9.01 x 0.22 inches

Affluence, Mobility and Second Home Ownership $137.44 No Synopsis Available

Poverty and Home Ownership in Contemporary Britain $27.25 No Synopsis Available

Home ownership: Beyond Asset and Security $61.43 No Synopsis Available

A Shared Range $5.69 After a year in medical school, Dakota Holden returned home to take care of the family business full time and help his father cope with multiple sclerosis. Devoted to his family, Dakota allows himself just one week of vacation a year, which he spends in some exotic location having all the fun he can stand. On his last vacation, a cruise, Dakota struck up a friendship with Phillip Reardon, and it fills an important role in Dakota’s life. So when Phillip decides to take Dakota up on his invitation to visit the ranch, Dakota is happy to see him and meet his veterinarian friend, Wally Schumacher. Despite Wally’s inclination to help the wolves Dakota’s men shoot to protect the cattle, he and Dakota find they have a lot in common, including a fierce attraction. But they’ll have to decide if the Wyoming range is big enough for Dakota’s cattle, Wally’s wolves, and their love.

Belonging: Australians, Place and Aboriginal Ownership $53.63 This extraordinary book explores the feelings of nonAboriginal Australians as they articulate their sense of belonging to the land. Peter Read asks the pivotal questions: What is the meaning of places important to nonAboriginal Australians from which the Indigenous people have already been dispossessed? How are contemporary Australians thinking through the problem of knowing that their places of attachment are also the places that Aboriginals lovedand lost? And are the sites of all our deep affections to be contested, articulated, shared, foregone or possessed absolutely? Author: Read, Peter Binding Type: Paperback Number of Pages: 260 Publication Date: 2000/08/10 Language: English Dimensions: 8.96 x 6.03 x 0.65 inches

Beyond Home Ownership: Housing, Welfare and Society $54.57 No Synopsis Available

Home Ownership : Getting in, Getting from, Getting Out $39.98 No Synopsis Available