Given the substantial increase in housing prices in recent months, it is fair to wonder whether home ownership is still worthwhile. With the significant financial investment that this requires and all the stress that the search for a property involves, why not just continue renting?
Few people will tell you otherwise: despite all the hassle, buying a house is one of the best investments you can make. This holds true for both your long-term portfolio and your quality of life.
So, without further delay, here are the main benefits of becoming a homeowner right now.
1. Becoming a homeowner is a great investment
To become homeowners, most people have to take out a mortgage with a financial institution. This usually represents hundreds of thousands of dollars of debt. Although a sum of this magnitude may seem frightening, paying a mortgage is more advantageous than paying rent.
In fact, as a tenant, when you pay the monthly amount of your rent, the money you pay is lost forever. On the contrary, when you pay your mortgage payments, the money you give to the bank allows you to accumulate net value on your home (equity).
By investing in an asset that belongs to you, you will reap the benefits in the future. In addition, provided you take good care of it and make some improvements, your home will grow in value over time. This is a significant advantage when you want to sell, as it will allow you to make a return on your investment.
2. Owning your home gives you some financial security
Paying off your mortgage debt allows you to build equity in your home. This equity, when properly used, can be a major asset in achieving your plans or even overcoming potential financial problems.
For example, it is possible to use the value you hold in your property to cover major renovation work or to carry out any other project that is not directly related to the house. It is also possible to refinance your mortgage to consolidate the debts you have accumulated over the years.
3. Home ownership brings a sense of pride
In addition to the financial benefits, owning your home simply gives you a sense of pride. After all, buying a property requires a lot of effort. Accomplishing this is an achievement in itself that deserves to be celebrated.
Feel free to share your happiness with your loved ones by giving them a tour of your new purchase.
4. Owning a home gives you more freedom than when renting
Every tenant knows that not all landlords are made equal. Some landlords may make your life more difficult than expected, e.g., by delaying the repair of minor problems that have occurred in your apartment or refusing to carry out improvements to modernize the condition of the property.
Owning your home means being independent and making your own decisions. Rather than being at the mercy of someone else's goodwill and indecision, you will only be accountable to yourself. This will allow you to deal with troublesome situations more quickly.
5. You can decorate your property to your liking
Some rental living environments enforce various restrictions in terms of the personalization of the space. Apart from hanging a few decorative items and repainting a few walls, when permitted, the possibilities of adapting the space are very limited.
As a homeowner, these limitations are no longer relevant. You can completely change the look of your home to fit your tastes. Changing the kitchen countertops, replacing the carpet with ceramic tiling, knocking down the wall between the hallway and the living room... The possibilities are endless!
Not only do you have the opportunity to create an environment that truly suits your desires, but you can also make improvements to increase the value of your home and make it more attractive to buyers when selling. Renting does not offer you the same opportunity to do this.
6. You enjoy more privacy as a homeowner
Privacy can be a major issue in rental buildings, especially if they were built many years ago. The soundproofing is often insufficient, which forces us to share our daily lives with our neighbours nearby.
As a tenant, you have probably already heard, against your will, various strange or irritating noises from your neighbours: loud music, the television at maximum volume, arguments and more. And the reverse is also true: your neighbours have probably become privy to some aspects of your life that you didn't intend on sharing.
Even though you may still have neighbours if you own a house, they will be situated further away and you will benefit from better sound insulation. As a result, you will have more privacy than in an apartment.
7. You have more space at your disposal
Rental apartments are often cramped, not very spacious and have little storage space. By choosing to own a home, you will enjoy a much larger living area, both indoors and outdoors.
You can trade your small balcony for a nice backyard, which you can also rearrange according to your tastes. You will have more storage space and will be able to better organize your personal belongings. The rooms will also have a larger surface area. In short, you will feel much less confined.
Are you looking to purchase a property? No matter what you're interested in, check out our Buying a Property Guide to find out what you need to do to get started.
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