Owning a property has it's pluses and minuses. Here's the low down.
Pluses -
- You can generally do what the f uck you want with the place.
- You're the boss.
- It's yours (if you pay the taxes and mortgage).
- It is considered an asset and tends to help build wealth.
Cons -
- Taxes
- Hope your handy. If not, you'll be hiring someone to fix s hit.
- Hard to move or relocate at a later date.
- Nosy neighbors. Walk around with a gun (licensed) and they will be too scared to be nosy.
- Upkeep and upgrades.
- Usually more expensive then rent, but you are not throwing your money away; in general.
What I did was buy a side by side duplex in my city. It needed a little work, which I did most and I have a tenant next door to me. Their rent pays for my mortgage, taxes and most of my living expenses. After a few years, I bought a couple of other multi-families and it brings in a nice side income.