WHEN IS IT TIME TO BUY? 8 Good Reasons to Buy Property
Category Home Buying/Selling Tips
There are many reasons why you should consider jumping into the property market and buying your own home. Homes of Distinction has summarised the value for you here to consider!
- To Quit Renting
Why contribute to someone else’s bond repayments by renting, when you could be paying off your own? And with annual inflationary increases in rent it makes sense that it will eventually be cheaper to own than it is to rent and after 20 years the home is paid up! Worst case scenario: you can always rent out your OWN property out.
- Security
You always need a roof over your head – owning that roof means that the stability and knowledge that you cannot be evicted, subject to rent increases, or knowing the property cannot be sold out from underneath you is hugely comforting. Not only that, but as a home owner you are propelled to the next tier of financial stability, with banks more likely to offer you support.
- Investment
The price of real estate continues to increase over time, therefore purchasing property is one of the safest long-term investments a young person can make, and sooner rather than later! If you had the choice between putting money towards a new car or a new house, a house wins every time as it will appreciate in value, whereas a car does the opposite. Once you own a property and build a financial history, you may also be in a financial position to buy another and rent it out.
- Pride of Ownership
One of the biggest reasons people buy properties is the pride and comfort of saying they own something. Even if it is an apartment or a complex-run starter home, it is yours and you can do with it as you please... decorating included! Once the value of paying monthly for an asset hits home with young people, they are more motivated to maintain and invest in their property.
- Privacy
If you own your own house, you don’t ever have to worry about the owners checking up on you, since you are the owner. People gain much more independence and are more relaxed when they know that their privacy is assured.
- Equity
One of the best things about owning a home is that you are building equity, which gives you more freedom financially as you can access an access bond. You may then borrow against the credit you have built in your name for a wide variety of reasons including home improvements, paying for school for your children, medical reasons, or even starting your own business.
- Freedom
You are free to do what you want in your own home, expressing yourself and your family’s personal tastes to change the house to suit your needs. You can do renovations as you please, hopefully to improve the market value of your home should you wish to one day sell it and upgrade to a larger house or better neighbourhood.
- Sense of Community
Owning a house gives you a feeling of belonging, helping you to put down roots and get established as you look towards raising your children and giving THEM stability. There are many neighbourhood groups and activities that you can become involved in (or even start up, knowing that you won’t be moving), and where children are involved you can consider access to schools, extra murals, and friends a huge plus!
Author: Georgina Roberts
