Source: The Motley Fool —
If you’re excited about buying a home, you’re probably thinking about all of the advantages of ownership. And there are plenty. You can personalize your space, of course. And your mortgage payments will help you build equity and acquire ownership in an asset that will hopefully turn out to be very valuable.
But while there are undeniably benefits to ownership, there are also drawbacks as well — and you should be aware of these too. In fact, finance expert Dave Ramsey has outlined three big downsides of owning your own place that you should consider before you make an offer.
1. You’re stuck with less flexibility
The first big con of homeownership that Ramsey points out is that you’re making a much bigger commitment when you buy rather than when you rent. And the responsibility you are taking on can result in it being more difficult to move permanently or to travel temporarily for long periods.
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