Feeling independent and responsible is a big part of home ownership. The best age to strive for a house is your twenties when you are still much agile so as to retire young.
Buying is absolutely different from renting. If you are considering renting over buying, you need to know what you stand to benefit from buying a house of your own.
Some of The Benefits of Buying Instead of Renting
You stand to benefit the following when you own a home of your own;
- Personalization and customization of your place
You now own a house, no more rental agreement to stop you from getting a dog, cat or alligator. you can always tear out a wall, change the bathroom tile to one of your choice. Surely, an improvement made would increase the value of your property if well done. Doing all these in a rental house is not advisable, they only favor the landlord
- Increase in Value
The value of homes increases over time, they tend to appreciate with time. When you sell your home/investment, any gain or return on it is yours to keep. But as a renter, it is your landlord's
- Device for Personal Finance Management
Being a house owner can be a device for personal finance management. Since you know what to expect on your payments over the year, you can always prepare, plan and invest ahead for the future
- Being your own landlord
The thought of owning a home is a great achievement and confident of its own. You can always watch the television late without your parent scolding you, your friends can party at yours without your landlord neither stalking aggressively at you nor banging on your door.
- Collateral for Bank
You own a house, you own a bank collateral for loans. If there is a need to get a loan, you might not need to worry about being approved or not as you have a collateral worth the loan requested
- Extra Cash Flow
You might not have to worry about working extra hours to get all your expenses catered for monthly, as that can be taken care of if your home as vacant space. Getting a tenant to rent it out to is a stand-by monthly income without stress
So, why not buy if you can afford it now rather than renting?
Thinking of how you might go cashless after buying a house?
Here are some things to do not to go cashless:
- Vigorously Save For Months (8 - 12months)
Make sure you save up a large part of your paycheck if you really want to be a house owner at a young age.
You might want to consider owning and monetizing a blog to help increase your stream of income to be saved
- Know The Area You Like to Live
Some people don't see buying a house an option because they are not married and don't know where their spouse would like to live. Trust, if you are single and already own a house, your spouse would see the attribute of responsibility in you
- Stop Procrastinating
"Procrastination is the thief of time". If are thinking of having a home in your twenties and you still find it difficult to save up 70% of your income now, you might end up not being able to achieve your desired aim. If buying a house is worth doing at all, do it well.
- Know How Much You Need
You can't vividly get a house without knowing the exact amount you need to spend. You need to know if you would need a mortgage and how to get one. Be also aware of the types of loans that exist and see where you fit.
- Buy a home you know you can afford
Being approved for a particular amount does not mean you must acquire a house up to that limit.
Do not buy a house you would not be able to afford nor maintain.
Are you still thinking of renting a home over buying this 2018?
Have a wise rethink and choose the best, tomorrow might be too late.