Owning a home of your own is beneficial in so many ways, and many don’t know about it. They prefer to live on rent, as they think in this way not only are they able to save money but can also move out whenever they like without spending a lot.
Keep in mind that living on rent is only beneficial for those who don’t have a stable job like they need to relocate from time to time. Or they don’t have enough to put down as a down payment. Otherwise, owning a place that you are able to call your own is a blessing.
So, if for now you are living with your family or friends but are planning to move out and buy your place pretty soon, below are the benefits of having a house of your own.
Remember, when you understand the benefits of homeownership in a capital smart city in Islamabad, when making a decision to purchase a home you can call yours becomes so easy.
Steady Monthly Income
If you are planning to buy a home by getting a mortgage, the chances are there that you will be able to pay only a fixed amount for a mortgage.
It is something that is quite beneficial because you don’t have to worry about that in the future; the chances might increase. That simply means your monthly income will not get disturbed in any way. Also, you will not have made changes in the budget.
On the other hand, the disadvantage of renting a property is that you don’t have any idea how much the rent will increase after a year. So, even if you have a good income, the stress still stays there and takes the peace out of life.
Great Chance to Build an Equity
For those who don’t know what equity is, it is the difference between the market value of your home and the amount you owe the lender who holds the mortgage. Put simply; it’s the amount of money you’d receive after paying off the mortgage if you were to sell the home.
So, those who own homes get an opportunity to build equity. Moreover, the more years that you will own a home, the larger the equity is going to be. Isn’t that great?
On the other hand, those who live on rent don’t get such options. Instead, they have to pay the landlords if they fail to return the property in the wonderful and same exact condition as it was before.
Affordable than Renting for a Long Time
When the individual plans to buy the home and calculate the expenses, they instantly realize the cost is going to be higher than the monthly rent to a landlord. That is the reason many change the decision, but here they don’t see the bigger picture. Instead of that, they focus on the advantage that is for the shorter period of time only.
If you have an agent by your side or a real estate consultant, they are able to guide you well for overtime that having a home of your own is both beneficial and cost-effective.
Able to Enjoy Tax Advantages
Obviously, no one likes to pay taxes, as it is something that doesn’t benefit you much. The greatest perk of having a home of your own is that you get a lot of tax advantages. Those who have been in the real estate market for some time and understand its dynamics well are able to understand this point properly.
In case you aren’t sure how everything works, better talk with the accountant or someone professional for an understanding.
Complete Freedom to Renovate
If you cannot decide whether you should buy a home or live on rent, this point might help you make the final call.
When you live in a rented property, making simple changes in the property isn’t possible. You have to take permission from the landlord, and most of the time, they don’t allow it. However, if you do get permission and things don’t go as planned, you are the one who gets the blame and has to pay the price.
When you have a home of your own, there is no need left to ask anyone when you should make changes. You can paint the walls in any color you like, change the shape of the bedroom or remodel your kitchen.
Able to Build a Credit
A credit score is something that holds a lot of importance, and there are so many things that impact it. The main thing is the length of the credit history.
So, if you have a bad credit score and are planning to improve it, improving the length of credit accounts can help, and it is possible only when you own a home.
Once you buy a home, the length of the mortgage extends to so many years. It means you get a golden opportunity to improve your credit score. All you have to do is pay the mortgage on time, as it will tell others that you are a responsible borrower.
Great Investment
An individual gets so many options when they plan to make an investment. What if you get to know that having a home of your own is the greatest investment?
Without a doubt, a lot of money is required to buy a house, but when everything is done properly, you get a good ROI. Buying a home is not like buying a car whose value decreases once it gets out of the showroom.
If the house is in a great location and has a perfect layout, its market value will increase each day passing.
Different Options
When someone plans to rent a property, most of the time, the options get limited. Either you rent a home you love at the location you prefer or vice versa.
But when the time comes to buy a home, the options increase automatically. You can select the neighborhood of your preference; if you cannot find one you like, you can wait. Sooner or later, your agent will bring an option for you that checks all the right boxes.
Better Stability
Those who live on rent have to move out from time to time. It is rare that someone stays at one place for more than 5 or 10 years.
But owning a home brings a lot of stability to a person’s life. You don’t have to worry that someone might kick you out of the home. You can live in the property for as long as you like and move out whenever you feel like it is time to begin the new chapter but without any stress.
Pride of Ownership
Those who own a home will be able to explain this point well to you how good they feel about owning a home—it brings confidence and happiness that isn’t easy to explain in words.
Now that you know that having a home of your own is beneficial in so many ways, it is time to take this big step. But before doing it, it is essential for you to be aware of all aspects of the real estate market. Make sure you hire a real estate agent who will guide you about everything. And before that, ensure that you have enough to spend. As you will not like the fact that later on, you come to know that you don’t have enough to pay the down payment.
