Three Reasons Why You May Never Want To Own A Home
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Three Reasons Why You May Never Want To Own A Home

Whenever someone decides to sell their home and prepare to move to a new one, it can be hard to determine how someone will feel once all is said and done, especially during the selling process itself.

When it comes to purchasing a new home, there’s certainly a great deal of hype that’s involved with the entire process. At the same time, however, owning a home isn’t necessarily the key to financial security for everyone, nor are the supposed tax advantages all they’re cracked up to be as well.

Here are three reasons why you may never want to actually own a home.

Houses Eat Up a Lot of Your Money

A lot of times, many people put so much money into their homes that they never see that same amount of money ever again. For instance, they could spend some thousands of dollars in order to replace something such as an air conditioning unit or garbage disposal. That same amount of money could also go towards replacing kitchen flooring or a washer and dryer, as well as various types of landscaping tasks.

A Loss on the Sale of Your Home Can’t Be Deducted

When it comes to owning a home, you can’t deduct losses regarding the sale of it like you could with losing money on stocks or a business. No matter how much it may sting, you can never, ever claim any kind of a capital loss on your home’s sale.

Debt to Income Ratios Can Increase by Owning a Home

The overall debt load can create a huge mess with your credit if you make the decision to borrow in order to purchase a home. Additionally it can also affect your ability to be able to borrow for other things, such as a new car.

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