On the flip side, home ownership comes with its challenges. As a homeowner, you bear the responsibility for all maintenance. This includes fixing any breakdowns and managing yard work, which might be challenging depending on your disability and financial situation. These extra costs can be burdensome, particularly on a limited income.
Emergency expenses can lead to financial strain, potentially risking mortgage default and loss of your home. This situation could also negatively impact your credit score, making it harder to rent in the future as many landlords consider credit history.
Additionally, accessibility modifications in your home might reduce its market value. While such modifications might suit your needs, they could be less appealing to future buyers who do not require them, possibly necessitating further renovations to attract a wider market.