A house is not just a roof over four walls. To some it represents moving up in life, to others it is security and comfort. Your most important consideration when buying your own home will definitely be financial. “To rent or to buy?” is a common question most potential home buyers need to take some time to think about.
Here are 9 advantages of purchasing your own house:
1. No uncertainty
You no longer need to be scared of your landlord terminating your lease agreement early nor do you need to get into rent renewals every year or two. You are also spared the hassle of negotiating with your landlord over rent increments over time.
2. No more landlord hassles
When you own your own house, rest assured you are the one in charge. You no longer have to request your landlords’ permission to carry out renovations nor do you have to plead with them to get necessary repair and maintenance done.
3. Your own asset
Instead of having to shell out rent every month, you might prefer paying a monthly installment on a home loan to build an asset. Over time, with each payment, your equity in your new house keeps going up.
4. An ideal investment
Your house is an ideal investment especially if you are likely to stay put in the same city for a while. Whilst giving you a sense of belonging and security, house prices usually appreciate over the long term. Buying a house is going to guarantee an increase in your wealth over time.
5. Emotional security
If you take the leap and make that house purchase a reality, you would have provided your family with a sense of irreplaceable comfort. When they say “there’s no place like home”, they mean it. After a long day at work or a tiring commute, there’s no feeling quite like being back in your own home.
6. Increased disposable income
If you’ve done your math right on the home loan, chances are that you’ll feel like you have a lot more to spend as you save on paying your monthly rent. A simple calculation of your income minus your expenses and loan repayment will reveal how much previous rent payments actually ate into your disposable income before you made your house purchase.
7. Tax breaks on your home loan
If you’re planning to buy a house, it would be wise to check out tax breaks available on any loan you might take towards your purchase. Attractive tax benefits are available to first home buyers on the loan principal and interest payments as well.
8. A comfortable home office
Owning your own house gives you the permission to design work, leisure and family spaces according to your own needs. You can now create your very own “home office” to work from without the hassles of taking your landlord’s permission for renovations and the like.
9. Sense of pride and accomplishment
You did it. You finally made the big house purchase you’ve always dreamt of. Friends, family and society at large look at you with a sense of awe and maybe even envy. By buying your own house, you have successfully elevated your social status.
There are numerous benefits of owning your own house, aside from the obvious financial ones. If you’re seriously looking to make your big home purchase, it would be wise that you ask yourself whether you can really afford it and whether you can predict and restrict personal expenses till you’ve paid for your house in full.