With financial security and freedom from paying rents there are so many advantages that are associated with owning a place of your own. But before you take the big plunge it’s important to reconsider your decision and be dead sure about it. To help you with that here are some reasons why you should own a property rather than rent it.
- Owning a place of your own guarantees emotional satisfaction. It makes you and your family feel secure and helps you lead an independent and fulfilling life.
- Owning a property ensures financial stability as you do not have to pay rent which increases yearly. If you have a fixed rate mortgage for your house then it remains the same and you don’t need to worry about that too.
- Property ownership provides emotional stability. When you live in a house of your own you get attached to it and experience a feeling of belongingness.
- With ownership you get the chance of building your own equity as you make your monthly mortgage payments. If you stay in your house for 5 to 7 years then the costs of purchasing the home are more likely to be offset by accrued equity and increased housing value.
- Living in a house that you own entitles you to a life of privacy with no interference from anyone unlike rented houses.
- As there is no rent to pay, you obviously save a lot of money.
- With a house of your own you have more space and layout options. Living in a 1-2 bedroom apartment might be okay as long as you are living alone or with a partner, but with kids you might want to have a place that allows you and your kids to breathe. This is only possible with ownership.
- You’re the king of your house and you control it. Get it painted red, green blue or just any colour under the sun. No one can dare raise a question. You can also turn your garage into a gym that you’ve wanted for so long.
- Buying and owning a property is one of the most fruitful investments. It guarantees financial security and equity and is a great potential in your personal wealth.
- The biggest financial benefit of owning a home is the appreciation.
- When you buy a house and start living in it, you also start interacting with your neighbours. Over the years you develop a bond with them and gain a sense of community. People in a community come together for better schools and lesser crime. You can also become a part of the neighbourhood groups.
- Buying a home is a remarkably effective way of improving your credit score, especially if you are a good re-payer.
Whatever you choose apartment, condominium or a house depending upon your finances and lifestyle, remember buying a property is always a better than renting it!