Most of us have been raised by our parents to believe that owning a big and beautiful house is the only way to live when we become adults.
While many opt to rent first, considering the move as a smarter and more practical decision, some save up for and invest in a home they can proudly call their own.
Acquiring a property is definitely an option and a dream for most families with regular incomes. Whether you’re currently renting a home or you’re still undecided, here are some reasons why owning a home might be the best option for you:
1. Good investment
Owning a home is one of the best investments you can make because it is a great potential in your personal wealth as it benefits your security and equity. The value of your house and lot will always appreciate over time. So when you decide to sell it, you will surely earn a profit off the sale.
2. You have control over your property
Whether you need to knock down a wall to make a larger master bedroom or redo the bathroom to reflect your Art-Deco tastes, owning the space you live in means you have the freedom to do so, without worrying about losing your security deposit.
You can do anything with it. You can alter everything, including the interior and exterior, for your needs and wants. If you don’t want it anymore, you can sell it or have it leased for added income.
3. Owning a home forces you to save.
The so-called “forced savings” argument is a widely-held one: Since homeowners have to pay their mortgage every month, they are routinely putting money away (and into their house, which they own), instead of squandering it on new shoes or fancy meals.
4. Increased privacy
Some rentals are constructed of inferior building materials like plywood or shoddy drywall. If your house, townhouse, or condo is built of concrete and stucco, it will provide a greater sound barrier from your neighbors.
5. It’s yours!
This may seem fairly obvious, but it’s worth emphasizing: With a rental, you run the risk of getting kicked out at the end of your lease. With a home, you can live there indefinitely. And isn’t there something comforting in knowing there’s a place where you’ll always have a roof over your head?