A home is not just a physical space with four walls and a roof.
A home is a place where you feel safe and comfortable. A place where you leave all your worries behind and wind down after a hard day of work. It gives you a sense of security and to some a symbol of adulthood and accomplishment in life. Buying a house is more than just the above, one has to also consider the financial aspect and weigh the advantages of buying a house compared to renting one. In this article today, we will tell you 5 benefits of buying a property over renting one.
1. Owning An Asset
By buying a property and paying for a monthly loan installment instead of paying rent, you are actually putting money into your asset as a forced saving instead of paying rent which is considered an expenditure. In fact, every monthly loan installment you pay is actually increasing the equity in your property asset.
2. Buying As An Investment
It makes sense to own a home if you want to stay in a city for an extended period of time so that you may have a sense of permanence and belonging. You become more familiar with the city and its way of life. In addition, based on historical figures, real estate values usually appreciate over a long period of time. By purchasing a property, you are also gradually increasing your wealth. Delaying your real estate purchase will, on the contrary, cause you to spend more money next time (in addition to the rental expenditure over a period of time before buying) if you ever decide to buy one in the future.
3. Better Financing Options
Having your ideal house is now simpler thanks to the accessibility of simple financing choices. To save money for your ideal house, you don’t have to wait until your 40s and 50s. You may purchase it when you’re in your 20s and have a totally paid off house by the time you’re 50 or even before. Selecting a home loan provider wisely will provide you the flexibility to manage your loan payments by customizing your monthly loan repayment to match your current and projected income trends.
4. Do Not Have To Deal With Landlord
You are the in-charge when you own your own house. You do not have to deal with a landlord for small repairs or a comprehensive makeover of your house. You do not have to entertain the landlord’s request for occasional checks. You also do not have to rely on the landlord for things like water, power, maintenance, and everything else that is provided by them.
5. Freedom To Renovate Your Home
By buying your own property, you can renovate your entire house and install fittings without getting approval from the landlord. You can also customise your house based on your own lifestyle, needs and aesthetic preference. There is a freedom to be creative with your house if the property is yours.
Regardless whether buying or renting, buying a property clearly makes more sense. Purchasing a property seems like an appealing idea with greater affordability when there is an increase in income and availability of better financing options. If you are ready to start your homeownership journey, get in contact with our Client Consultant now!