Buying a house is something that many of us have on our long-term life goals list. We know that we are unlikely to be able to afford it for a while and that it’s not just something that you can rush out and buy. We also know that securing a mortgage is more complicated than it used to be. But, most people still hope to do it one day.
The main reason that we look forward to buying is usually financial. We look forward to no longer throwing money away on rent, and instead knowing that even with a mortgage, we own something. We’re paying off the debt on something that is ours. It’s a great motivator to buy. But, the thought of one day having paid off a mortgage, and significantly reduced housing costs shouldn’t be the only thing that gets you excited about buying a house. Here are some of the other benefits that you may not have considered.
Owning your home doesn’t just mean that you own your home. More importantly, perhaps, it means that you have options. When you are a homeowner, you can borrow money more easily with Evolution Money. You could rent out a room if you needed extra income. You could open a home business, or even start a guesthouse. If you ever needed to, you could sell to unlock the capital in your home. You’ve got options.
You could quite easily expand this idea into second or third homes, too, with an eye on building your investment portfolio. Whether it is a good old solid home in a trusty suburb that you plan to rent out long term, or luxury apartments in prime holiday destinations that you rent out during holidays and use when you have free time. Buying your home, or multiple homes, is absolutely the way to go. Of course, you have to consider your appetite for risk, but over the 30-year term, these assets will mostly serve you well with a great return on investment.
No one wants to think about dying, but it is one of the few things that happen to all of us. Think about what you’d like to leave behind for your family. Wouldn’t it be great to offer them the same financial security and flexibility that you had to work very hard to achieve? Owning your house gives you a chance to change your families lives.
The Chance to Get Creative
If you live in a rental, you might be very limited as to what you can do with it. You might not be allowed to paint and decorate. Some landlords don’t even like people sticking posters up or hanging frames. When you own your house, you these limits are lifted. You can decorate, you can do things to the garden, you can even knock a wall through if you wanted. You can be free to get creative to achieve the home of your dreams.
A Big Confidence Boost
So many people are struggling to buy a home. They get knocked back. They can’t save enough. They can’t see how they’ll ever manage it. So, when it does happen, it’s a massive confidence boost. You can take great pride in knowing that you have made that first step up the property ladder, which is by no means easy.
The Chance to Become Part of a Community
When we rent, we tend to move around a lot, which means that we never get to settle and become a part of a community. When you buy a house, you are committing to staying put. This is your chance to get involved in the community, to make friends, and to join in. Owning a home really can change your life and not only financially.