Home ownership is a lifelong dream for many people. There are both pros and cons of owning your own home. Do you know what these are?

Pros

Privacy is a big benefit of home ownership. No thin walls where your neighbor hears everything you do and say. No having to share a laundry facility.

You can do what you please with your home as well. Want to paint your walls neon green? No problem since you are the owner of the house. You can change the carpet, move a wall, or replace the bathroom fixtures to your desire. You have no need to wait for a landlord's permission.

Another pro of ownership is that you are building up equity in your home. You can get a loan against that equity if you need the money. A home is a major asset, unlike renting where the money is gone once you pay the rent.

Cons

One con to home ownership is the illiquidity of the home. Illiquidity refers to something that is not easy to sell. A house can take months, or longer, to sell in a difficult housing market. This can be a real hassle when you need to move in a timely manner.

Another con is the costs to acquiring and maintaining a home. First you must save up money for the down payment. Then there are the ongoing costs of a mortgage and property taxes plus homeowner's insurance.

Additionally, you are responsible for any repairs that are needed. Someone with handyman skills may not be too bothered with this. A repairman, plumber, etc. will need to be hired for those repairs you cannot do yourself. This can add up to substantial costs depending on the work involved.

Either way you will be investing more of your free time into your home. You will have to take time off to meet repairmen. You will have less free time for leisure when maintenance chores need to be done. For example, lawn maintenance will be required if you own a home with a yard. You can hire someone to do this, but that will be one more expense.

Neighbors can be wonderful or a nightmare depending on where you live. You will need to deal with them the best way you can. Unlike renting, you cannot easily move to avoid a bad situation. Just one more disadvantage to home ownership.

Owning your own home has its pros and cons. Consider your options and lifestyle before choosing to purchase a home. You want to build a home that you can enjoy for many, many years.