Homeownership is the ultimate symbol of adulthood for most Americans. It’s a milestone of financial stability and emotional maturity.
Owning a home comes with many real-life responsibilities. Homeownership is considered a relatively long-term life and financial decision, as it implies a commitment to one particular location, thus forgoing the flexibility that comes with renting. While both a lease and a mortgage require monthly payments, a mortgage requires a rather large lump sum upfront, known as a down payment.
Homeownership is generally considered more financially responsible than renting. Monthly mortgage payments are paid to eventually own your home. Once the mortgage is paid off, the home becomes an asset you own; however, no matter how many times you pay rent on a property, you will never end up owning the property you are renting.
Although flexibility is extremely important to many, people who have families are willing to forgo flexibility for stability. Housing prices continue to soar, which places pressure on people to purchase a home sooner rather than later. Purchasing a home no longer feels like the achievement of a dream, but rather a necessary race against time and market forces.
In addition to mortgage payments, homeownership involves many costs, such as insurance, maintenance, renovation, taxes, and cleaning. While renting doesn’t pay off a mortgage for a home that they will eventually own, it allows renters to not have to worry about the costs that come with property ownership. For this reason, many young people who aren’t ready to commit to one particular location or raise a family would rather rent.
Renting may become even more popular as remote working becomes more normalized. People no longer have to be physically located in proximity to their place of work, and if they can make a living without having to commute to an office each day, many would rather pour their hard-earned dollars into travel.
You may have stumbled across news stories of someone who purchased a home, only to discover a termite infestation soon after moving in. TikTok star Tinx made headlines saying “Don’t Buy a House, It’s a Trap” after she purchased a home without a pest inspection, only to find that her new Los Angeles home was swarmed with termites. These are the types of headlines that make young adults wonder if they are ready for homeownership.
The good news is that although termites can be a headache, professional pest control companies can safely and effectively remove them from the home with natural termite extermination treatments, such as orange oil.Read Wild K.‘s review of Natural Science Exterminating on Yelp
Homeowners and prospective buyers should educate themselves on termite inspection, extermination, and prevention. We highly recommend getting a certified professional termite inspection prior to signing a mortgage. Prevention or early detection can save significant time and money in the long term.
If you have termites or are worried that you might have an infestation, you can give Natural Science Exterminating a call today.
Natural Science Exterminating
11642 Knott Ave, Garden Grove, CA 92841