- Building or buying a house is a dream to many as it allows one to live according to ones’ own taste and necessities.
- Buying a house can be a wonderful experience and a source of great satisfaction, or it can be a financial disaster and a big disappointment. The final decision is a complicated one, often based on emotional as well as financial factors.
- House is probably a largest single investment a person makes in one’s life. Housing is a necessity which has turned into a luxury.
- Building construction has its own thrills. There are many difficulties, and there is stress and strain in constructing a house. But as the building comes off the ground and rises up and up, the joy of the owner knows no bounds.
- Careful attention should be given to all the aspects of planning and construction of the house to keep the cost to minimum. For understanding house construction, one must know the importance of architectural planning.
- It is primarily concerned with space, economy and functional efficiency. Proper designing can reduce negative spaces and cut down costs, at the same improving conveniences of the user. Any neglect in planning can be wasteful in cost and deficient in functional quality.
- Talent and experience of the designer is required to bring simplicity, harmony and refinement in planning, to optimize benefits and quality and to keep down cost.
- The lay-out and also the architecture of the building to be erected depend upon the site conditions.
- The amateur house owner has to be an organizer, a material manager, a labour supervisor, a fund raiser, a controller of expenditure, a keeper of accounts, a coordinator and a director, if he wants to transform his dream into reality.
Advantages Of Home Ownership
- Home ownership gives family a feeling of emotional security and add to the social or economic status.
- It frequently leads to financial independence.
- It gives a definite tax advantage, since interest on the mortgage and real estate taxes are deductible items.
- A home owner can secure credit without difficulty.
- The family that owns its own home has greater freedom to live as it wishes, without interference from a landlord.
- The home owner has greater opportunity for individual expression both in the exterior and interior of the house.
- The home owner has the advantage of having neighbours and friends whose friendship lasts over a period of years.
- The pride of possession usually inspires cooperation in doing the work around the house and in the yard.
- Better furnishings can be purchased when the house is owned, because they fit into a decorative plan that will last for a period of years instead of having to be changed frequently as the family moves from one house to another.
- A good investment because resale value is higher or may go up.
- It is a source of fulfillment of desired values: safety, comfort, privacy, convenience, prestige, Security and leisure and thus ensure great satisfaction in life.
- As house is an immovable property, it can be transferred to next generations.
Disadvantages of home ownership
- Houses require constant upkeep and attention. Repair people are not always available and they are usually expensive, making at least some do-it-yourself skills essential for most homeowners.
- It usually costs more to own than to rent, if all costs of home ownership are accurately computed.
- The struggle to meet the costs comes in the way of investments in home ownership .
- Ownership ties a family to a given location, because property often cannot be sold without a sacrifice.
- The family should enjoy the care and responsibilities of home ownership.
- Property values may decline and investment in a house decrease accordingly.
- In times of economic stress and reduced income, the family may find it difficult to cope up ownership costs.
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