Buying a home is a dream for many. However, housing costs have increased astronomically over the past few decades, making it a lot harder for younger generations to achieve this common life goal.
Buying a home might seem like an enormous cost at first, but the benefits of owning a home far surpass those of renting.
But despite the high cost of housing, there are so many perks to owning a home instead of renting one. And we’ve listed them for you.
Firstly, even though renting might offer tenants a lot more flexibility because you can end your lease and move on when you decide to, renting means you are paying off someone else’s mortgage.
If you were to calculate what you’ve spent on rent over the past five to ten years, you’d quickly realize you’ve allocated a large chunk of your own funds to someone else’s asset.
It’s wise to browse through Florida real estate listings and use a mortgage calculator to determine your repayments when buying.
If you think your rent amount only covers the homeowners bond, you’re sorely mistaken. It’s most likely that your rental amount also pays for property maintenance and a few other costs, while it’s also highly likely that your landlord pockets some profit.
As a result, you’ll save money every month when you buy a home because your mortgage payment will be quite a bit lower than what you pay for rent on a property of the same value.
One particularly underrated aspect of being a homeowner is living stability. As a renter, your landlord can decide to terminate your lease or not renew it for any reason. And this will leave you hasty to find a new apartment as soon as possible.
Moreover, as a homeowner, you are also free to modify your home to your heart’s content. Unfortunately, tenants lose their security deposits if they modify the property or cause any damages.
As mentioned, the cost of housing keeps rising dramatically. And while this is concerning for younger generations, it also means that as a homeowner, you can be confident your asset’s value will inflate over the years.
Although you will need to devote funds and time towards property maintenance, the average value of your home will keep increasing over the years.
As a homeowner, there are a few ways to reduce mortgage repayments. In addition to this, you can also reduce your monthly living costs by considering property upgrades like solar power and others. These upgrades are not an option for renters.
There are tons of perks to applying for a mortgage to buy your first home. You’ll have the creative freedom to modify your house, build on, or invest in cost-saving upgrades. You will also have the freedom to sell your home at any time or release equity to pay off your mortgage sooner.