Having a home called your own is a huge achievement. Yes it’s definitely challenging. However, there are great benefits in having a place called your own. Below are some reasons why having your own home have benefits especially in the future.
1. It gains equity
Equity is the total amount value of the property you own. It goes up when the market value of your home rises and also if you make extra payments on your mortgage. As you pay your mortgages monthly, part of the payment goes to the interest and the rest on the principal balance. Paying the principal is the same as putting money in the bank because that money becomes available for reinvestment in the home itself or a new home.
2. Stability and Security
If you’re renting there are some instances wherein your landlord might suddenly decide they no longer want someone to rent their property. Finding and moving to a new house is exhausting, takes too much of your time and it can be very stressful especially if it’s unexpected. Also, there are some instances that you feel attached to your neighbors or community. While if you have your own home, you feel secure and will not be troubled about things like finding a new house for you and your family, packing and unpacking and fixing the entire house again.
3. Free to make your own dream home
Having your own a home will definitely gives you control over the entire place. You feel excited because you can change things and decorate as you wish without being concern about what your landlord might say. The home is yours. You can improve and add new features or facilities that appeal to your way of living. If you have your own home, you don’t need to ask permission if you want to upgrade your house.
4. You have more control over costs
In renting a house, there are situations wherein the landlord will increase your rental fee. Unfortunately, you have no choice but to accept it or move out of the house. Moving cost by the way is expensive. Whereas having a home have different expenses like payment of mortgage and rates. They don’t necessarily increase by large amounts without prior notice. Sometimes you may even control them. One example is by selecting a fixed-rate home loan.
5. Your mortgage repayments are a way of saving money
You might not be able to notice but mortgage repayments are a way of saving you money. These include principal as well as interest, which mean you’re putting some money in regard to owning of your home. While renting a house appears to be inexpensive, you won’t get any of that value in the future.
Having your own house gives you great financial and emotional investment, both in your community and own place. So, before you decide on buying a house do bit of research and think about all the pros and cons. Nevertheless, having your own house is much better compared to renting one.