Renting a home can be perfect for a while; when you first move out, you barely have sufficient funds to feed yourself, let alone for a deposit on a house. Many people choose to rent at first, as it’s easier for them to pay rent monthly as and when their wages come into their bank account.
Another great aspect of renting is that the landlord is responsible for fixing household issues should any arise. All it takes is a phone call from the tenant; no worrying how to scrape together money for a repair man or to buy a brand new washing machine; the landlord will sort it for you.
So why are people now deciding to forgo renting and buy their own home? Read on for the top 10 reasons people buy a home:
1- You can get a good deal
Shop around a bit, do your research and you could actually find that you can buy a home for a good deal. If it needs a lot of maintenance, you’re bound to get away with a bit of bartering. You’ll often get a great deal on an old house that needs some work.
2- A brand new usually maintains its value
New homes (link will open in a new window) are ideal for any young couple starting out. They’re modern, fashionable and totally in vogue. You can be sure that nothing is going to fall apart and the house won’t start to crumble around you within a couple of years. And if, by chance, they do, you can rest assured that your warranty will cover the expenses.
3- It’s an asset
When you buy a house, you own it. That means you can do anything you want with it. Paint the walls in all of your favorite bright shades, hang pictures on every wall, choose your own fixtures and fittings. When you’re the owner, you’re in charge.
4- Cheap mortgages
Strike while the iron’s hot; look to buy a home during times when the property market is low – you’ll snap up a great deal, meaning that your mortgage is likely to cost you less over the long haul. The more you pay upfront, the less time it’ll take to pay off your home.
5- A great investment
Once you’ve paid the mortgage, the home (and the land) belongs solely to you. If you have the opportunity, you can then buy another smaller home, do some minor renos, and rent it out for profit.
6- Offers inflation protection
If you’re stuck renting when inflation rises, there’s a good chance that your rent will go through the roof. You can avoid all of this by buying your home and locking in your mortgage rate.
7- Signifies stability
Many people choose to buy a home when they get married. Like marriage, it’s a sign that you want to invest in your future with the other person. Owning a home signifies a real commitment and truly welcomes you to the world of adulthood.
8- You can turn a profit
If you buy a house when the market is low, you can then sell it on for a massive profit once the market picks up again. Many people buy cheap houses, spend a little money on improving them, and then sell them as soon as their value increases.
9- Countless options to choose from
More often than not, a rental property is small. When you buy a home, you can choose any sized property. Choose from townhouses, apartments, cottages, bungalows, detached houses; the list is endless.
10- You can own as many pets as you like
The majority of landlords don’t even allow pets; buying your own home means that you can give shelter to the little kitty or buy a puppy for company. Pets make great companions – don’t lose out on your chance to own one.