Homeownership has been heralded as one of the biggest milestones you can achieve. It’s the epitome of financial success. When someone is established enough to own their own property, they’ve reached a level of comfort that they’ve been striving toward for years. At least, that used to be the case. Today, owning a house has a lot more risks than it did before. With the cost of living drastically higher than it was just 40 years ago, adults today are often torn as to whether it’s really worth it to buy their own place. Read on to weigh the pros and cons of buying a house and discover whether a mortgage is the best choice for you.

Pros of Homeownership

Let’s start on a positive note. One of the biggest benefits of owning your own house is the added privacy and freedom to do whatever you please. In apartments, there are many rules dictating what modifications you can make, but you are able to furnish and decorate an interior however you like. Exterior treatments may still be partially limited by Homeowners’ Association guidelines, though, so be mindful of this before purchasing a property you intend to renovate.

Financially, a mortgage gives you more for your money. Rather than throw away $25,000 or more annually on rent, you can put that toward a property that will eventually be paid off. This ensures greater housing stability regardless of how the rental market fluctuates. If you have decent credit, you can also generally buy a house and pay far less for a mortgage for more space than you would as a renter. There’s also the added perk of federal tax breaks and building equity. Home equity can be a good way to invest in your financial future. From paying for home improvements to paying for your child’s college education, there are many ways to utilize a home equity line of credit (HELOC). Want to learn more? You can learn all about taking out a HELOC in this detailed guide.

Cons of Homeownership

One of the unexpected downsides of buying a house are the closing costs, which generally cost around 2 to 5 percent of the price of purchase. In addition to your down payment, you’ll need several thousand dollars in surplus to cover these fees as well as moving expenses. There’s also the matter of upkeep. Owning your own house means that you are solely responsible for maintaining its HVAC system, appliances, landscaping and the like. This generally costs several hundred dollars a year.

You also have to consider your long-term goals and the effect property value can have on them. If you buy with the intent to sell in a few years and walk away richer, that could quickly go south if the economy crashes. Housing markets can drastically change in the course of a year, so you have to be prepared for any potential losses. For some, the biggest downside to owning a home is the long-term commitment. You can’t take out all the expenses to buy a property and relocate in a year. For most, the cost of investment requires years of staying in place. If you love your city, this is great, but for those who are on the fence about settling down where they are, it may be better to hold off.