Back

What are the Benefits of Buying Your Home?

20/01/2017

What are the Benefits of Buying Your Home

Buying a home may be every person' s biggest dream but it is also a one tough job because you have to scrape capital in case you do not want to go for mortgage option, otherwise, you will have to apply for loan and pass through lengthy loan sanctioning procedure and then move all your worldly possessions to a new place after successfully closing the deal.

Then why do most of us want to go through the trouble? Just because they know that all the headaches and hassles are outweighed by the number of benefits of buying a home. If you need some inspiration to make sure you are taking advantage of all the benefits homeownership offers.

Price Appreciation

Owning a house certainly means that you have a valuable asset and it also offers you financial stability. By purchasing a home, you are going to have an asset for life as it will appreciate in value over time. A 10,000,000 home today should see an increase in value to 15,000,000, 20,000,000, or more—depending on how long you plan to live there and market conditions. This makes your home one of the best investments you can make in your life, as it is also a way to establish a financial foundation of future generations.

Freedom to Make Changes

What, being a tenant you have not thought, "I would really love to paint this wall, alter this cabinet or even knock down that particular section", to do whatever you want to do. But of course, you cannot do that – at least not without the landlord' s permission. And if you are going to do modifications in your rental home, it is either the next tenant or the landlord who will get benefit.

On the other hand, you do not need permission to make changes in your own home because there you can do whatever you want to do. You can paint any room, replace any cabinet or make any changes you want.

It' s Cheaper

When it comes to long term planning, it is for sure that buying your own home is cheaper than renting. There is the upfront cost and closing cost and that' s all. Even if you are going to buy home on mortgage, still the cost of owning a home in much less than paying rent. Moreover, buying a home is more affordable as mortgage rates are also currently low – making it easier to buy home.

A Secure Retirement

Buying a home in early age means you are ultimately securing your retirement age. Your home is a great investment for retirement. The longer you own a home, the more it should eventually be worth. As you get older, you can sell the home and use the amount to create a steady income system or even rent it out to meet your expenses.