Renting versus buying: The benefits of purchasing property

3.9.13Renting property is something that most people will do during their lifetime. After all, it would be ridiculous to assume that everyone can purchase their first home straight out of high school or university, so living as a tenant for a period of time is a common occurrence today.

However, there are a number of benefits that one can enjoy from purchasing your own property. Real estate is one of the biggest purchases anyone can make in their life, so it would pay to understand what you have to achieve if you decide to take the plunge.

Household Stability

Having somewhere to call you own is a feeling that cannot be beaten. The sense of accomplishment and pride you can feel when securing a home for you and your family is second to none.

Furthermore, you lose the uncertainty surrounding your tenancy agreement. Perhaps you aren’t able to renew your lease due to complications with the landlord, forcing you to uproot your life and find a new place of accommodation? Or perhaps the rent is pushed up to a point that isn’t affordable anymore?

All of these are problems that can occur while living in a rental situation. Taking charge of your own living situation is the best way to avoid any circumstantial issues arising.

Freedom to Express

You have complete control over your home when you own the property. This is often something taken for granted when living in a rental situation.

For example, hanging pictures or making small modifications to a rental problem can become an issue, due to the fact you aren’t able to cause any long lasting damages or changes to the property without running them by the landlord first.

But when you own your own property, you can make executive decisions about anything to do with your home. Everything from nailing picture frames to renovating your entire kitchen, these decisions are completely up to you.

Financial Benefits

Finally, paying off a home loan is far more beneficial for your future than paying rent to a landlord. Money paid for rent goes straight into the pocket of your landlord, never to be seen again.

However, by making similar repayments for a home loan, you are helping to pay off a tangible asset that will be your home for (hopefully) an extended period of time. Furthermore, as you make repayments, you will also be building up equity in your home.

This wealth can then be accessed later in the future to to help you financially. Whether this means a well-earned vacation, a new car, or a downpayment of investment property, you can make your home loan work for you in the future.

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