Home ownership used to be a lot easier than it is now. There was no need for a large down payment, credit checks were less stringent, and house prices were lower, to begin with, meaning they were more affordable. Things have changed, and today it’s a challenge for many people to buy their own homes, which is why so many rent. However, this just because it’s a challenge doesn’t mean it’s something that you can give up trying for; there are many ways that you can become a homeowner if you are careful with your spending, cut back on unnecessary expenses, and – most importantly – speak to an expert about how to go about it. If you feel like this is too much, why not consider these valid reasons to buy instead of renting your home? They might spur you onwards.
It’s Yours To Do What You Want With
Along with the security and financial benefits that owning a property will give you, there is something else to consider that makes the initial struggle to get on the property ladder a worthwhile thing; when you own a house, you can do what you want with it (within reason and the law, of course).
If you want to extend it at some point, you can. If you want to decorate it in your favorite colors, you can. If you want to install a new kitchen bathroom, or you want to put in a safer over head garage door to make the house look great, you can. There is no landlord to ask permission of, and any money you put into the house will be something you can make back when you come to sell.
It’s An Investment
It’s true that buying a house is expensive; even if the mortgage payments are lower than rent would be, there is the down payment to think of, as well as property taxes and energy bills (which, when renting, the landlord will sometimes take care of). On top of that, you’ll need to pay for any maintenance work – again, something that would be the landlord’s responsibility in a rental property.
However, despite this, buying a house is still an investment. That’s because every time you pay your mortgage payment, you get one step closer to owning the property outright. Of course, this will mean having to stay in the house for a long time – it is a long-term investment – but owning a property outright is the ultimate goal, and once you do, you can do a lot with the money you have made.
There Is An End
What will happen if you’re still renting a property when you want to retire? If you don’t have the income you have now, will you be able to keep up any payments? Will you be able to do that even if you move to a smaller place with a smaller rent? Some people will be able to use their savings, or they’ll have a good pension in place, but for others, it’s going to be a struggle.
When you have a mortgage, there will be a final payment, after which you can stay in your home, owning it completely, and not have to worry about the financial aspect of things. There is an end date, after which you can retire, perhaps sell the house and downsize, and do whatever you’ve always wanted to do.