There are number of factors, aside from cost, that you should think about before buying a house. But have you even thought about the benefits that you can have when you already have your own home?
Here’s that top five reasons why you need to own a home.
- It creates investment options
You will be able to save more money and can pay more off your mortgage. So if the property’s value increases significantly over the next 10 years, then you might have a plan selling it to buy a bigger property in the same area.
- It can make you money
As you pay off your mortgage you’re contributing your money to your house, which in many cases is also an asset which will increase in value over time therefore making you money as you pay more off. Buying your own home is better than renting because you will be able to use the money that you must pay for some accommodation.
- It helps build future wealth
Your earnings can pay off your own real estate – not your landlord’s. Buying your own home is a long-term investment on capital that can gain in value in coming decades. Compared to renting a home, you can never get your money back. “Real estate is a very good asset and to own your own place is a smart investment for your future.”
- It’s a fixed address
Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community. Having your own home also offers a sense of security and stability; no one can decide to sell it form under you.
- You don’t have to ask permission
Having your name on your property’s title perhaps one of the best achievements that you’ll ever have. The house is yours, you can paint it, build extensions, do renovations, and well it’s all yours.