There are many reasons why you should consider buying a home now. Here are 8 reasons why you should seriously consider it.
1. To Quit Renting
Why contribute to someones mortgage payments when you could be paying off your own? It can sometimes be cheaper to own than it is to rent and there is no fear of your mortgage payments suddenly increasing.
You don’t have to worry about your house being sold out from under you to out-of-state investors. If renting and faced with this scenario, you could find yourself faced with an increase to your rent, thereby leaving you potentially homeless or too poor to eat. These increases could continue indefinitely so the investors can make more money or so that you will feel forced to leave.
Purchasing real estate is one of the safest long-term investments a person can make. If you had the choice between putting money towards a new car or a new house, a house should win every time as it will appreciate in value over the years whereas a car does the opposite.
4. Pride of Ownership
One of the biggest reasons people buy properties is the pride of saying they own something. Even if it is a smaller starter home, it is yours and you can do with it as you please, and for that, a person should be proud, as ownership is an accomplishment.
If you own your own house, you don’t ever have to worry about the owners checking up on you, since you are the owner! You will gain much more independence and privacy when you have your own property.
One of the best things about owning a home is that you are building equity, which gives you more freedom financially as you can access a home equity loan. You may then borrow against the equity you have built in your home for a wide variety of reasons including home improvements, paying for school for your children, medical reasons, or even starting your own business. Check with your lender, as these vary from one to the next.
You are free to do what you want in your own home, whether you want to paint the walls in pink and black zebra or put carpet on the ceiling (not recommended of course!) You have the freedom to express yourself and your personal tastes and change the house to suit your needs. You can hang as many pictures as you want and do renovations as you please. Just keep in mind that when you are ready to sell your home, not everyone may like what you do.
8. Sense of Community
Owning a house gives you a feeling of belonging in that neighborhood and gives you the sense of putting down roots and getting established. There are also many neighborhood groups that you can become involved in, and if you have children it may be of benefit for schools and friends.