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In many circumstances, buying a home is an expensive venture. You’ll be responsible for the monthly payment of principal, interest, taxes, and insurance (usually referred to by its acronym PITI). Before you set foot in your very own door, chances are you are going to have to come up with quite a bit of cash for pre-purchase costs. Accumulating thousands of dollars can take a lot of time and effort. Because of the upfront expenses and the monthly outlay, homeownership is not for everyone.
Another problem associated with owing your home is that if you want or need to sell but the housing market is down, you may end up stuck with the mortgage. This can cause a lot of financial and emotional stress.In the worst-case scenario, it is possible to lose the home to foreclosure if you are unable to make your payments. If that happens, all the money you put in to it is gone too. This does not include the impacted credit score and credit history that will be affected during this process as well.