Homeowner since August of 2011
I purchased a brand new, 3 bedroom, 2 full bath home located in the Southside of Richmond.
I received Grants and Down Payment Assistance totaling $32,000
I purchased a home because I was sick of giving my money to my landlord. Plus, it was time to start making investments towards my personal future. Buying a home was the best way to accomplish this. Since then, I've made other investments and feel really good about the direction I'm heading.
Advantage of Home-ownership is having a lot more privacy. No longer do I have neighbors on top of me or below me. In addition, home-ownership fostered the ability to create and build stronger and more lasting relationships with neighbors and community stakeholders. I feel very prideful in having a larger stake in the Southside of Richmond where I was raised.
Disadvantage to home-ownership is having to take care of repair items myself. Once I closed on my home, I became responsible for everything. Luckily, I was equipped with useful tools of how to handle home-ownership through attending a few free classes offered through the City of Richmond and its community partners. Luckily, I haven't had any major repair items over the past five years. If by some chance I should, at least I'm prepared for it. Yes, there are some con's to home-ownership; however, I wouldn't trade the opportunity for anything.
I encourage you to stop sitting on the sideline and get into the game. The amount of money you're wasting renting year after year can go to investing in yourself. I encourage you to do as I did, which was to take full advantage of the grants and free classes that provide the necessary resources to step into the next phase of life, home-ownership.