Buying a home you can afford can be very rewarding. To add, the rising rental rates and tough competition for available rental properties makes buying a home more secure than renting. Just imagine moving your family every time you can’t afford the rent anymore or even worse bidding against other tenants just to secure a place for your family.
Here are the top three advantages of owning your own home:
1. Sense of security – You have a place where you can raise your children and be part of a community. You can enjoy living in your home without any fears of the landlord asking you to vacate the premises or increasing the rent to levels you cannot afford.
2. Sense of Freedom and Privacy – You are free to decorate your home, renovate it (within the council’s guidelines), landscape your garden and add your own personal touch. The only people who will inspect your home are your invited visitors. You can choose the degree of privacy you want by making your home more private by planting hedges or more light-filled by adding more windows.
3. Build Equity – The faster you pay your mortgage, the bigger your equity is. This is in addition to the appreciation in value of your home. It can fund your future retirement, children’s education or just guarantee an asset that you can utilize for your future needs.
It is true that a lot of home owners are struggling with their mortgages due to the interest rate hikes. However, this doesn’t mean that every home owner is in mortgage stress. There are more tenants struggling with the interest rate hikes, as property investors pass it on to them by increasing their rents.
Check out Marquette Turner’s current properties listed for sale – there may be the ideal property that you are looking for.
Overall, owning your own home has more advantages than disadvantages, especially if you’re just starting your family or preparing for the future. In fact, most people will have fond memories of the home where they grew up. Through the years, you will remember more the personal events associated to that home than the financial hardships or rewards of owning it. You cannot put a tag price to the sense of fulfillment, great memories and relationships established in your own home.