Owning a home is a dream come true for many people, and if not, you can bet it is on their dream-list. The decision to buy a home is one that many people make while others fear or do not consider making it at all. They may be content with renting one. Maybe it is due to personal reasons or they have not taken time to consider why buying a home could be a significant advantage. Here are the advantages that come with buying a home which should back your dream as a homeowner.
Buying a dream home saves you more time than building one. The greatest investment you have to make about your time is in searching for the design of the house you want and the preferable location. This has become easy as there are realtors who will help you identify your dream home in the location you want.
Buying also reduces the need to save so much money to start building one. You only require a stated downpayment and an agreed monthly installment to begin staying in the house.
Buying a home does require an upfront cost for sure and subsequent installments at low mortgage rates in most places. A deeper analysis of it will show you that the total cost over the time is much cheaper than renting a house for the same amount of time.
For instance, in the developed countries, 60 percent of the bought homes have cheaper mortgage payments than their rental counterparts. Tax deductions on property costs and other accounting costs also come at favorably low rates for homeowners.
The value of your new home appreciates every day. Your home is not only your place of residence but an investment too. Your future generations will have a great financial foundation through it. The value will appreciate, and at the end of the term, it will bring an extra income. Beyond this, the home allows you to be financed for emergencies or other loans depending on how well you finance your mortgage. This won’t come with a rental.
As a renter, you have not escaped those moments when you wish you could repaint your rented house, knock down some wall or just change something in the design; but this could not happen without the Landlords permission. This is not so with a bought home.
It allows you the space to make the modifications which you feel will bring more comfort to you. Hence, a great feeling of ownership without worries of being questioned
Buying a home strengthens your ties with the community. It gives you a voice on how things will be done in the area you reside in. Apart from the contributions you make through taxes to better the community, you remain a person whose interests are considered during the making of decisions in the community.
Buying a home is a great thing, you have a place to go to even after your retirement. Why not buy one?