Are you thinking about buying a house for the first time? Join the club! Almost 5.5 million homes were sold in the US last year alone. It just goes to show how popular homeownership is around the country.
Don’t be fooled by those sky-high numbers though. Buying a home is a big deal, a huge financial commitment, and a right-of-passage to boot. Taking the plunge and diving into the life of a homeowner is by no means easy.
Know the struggle? Well, learning about the many benefits of buying a house might make the decision a bit simpler.
Indeed, the transition from tenant to homeownership comes with a host of compelling advantages that more than sweeten the deal.
Want to learn all about how you’d stand to gain? Keep reading to discover 9 clear-cut benefits of becoming a home-owner.
1. No More Landlords
First and foremost, buying a home means you can bid farewell to landlords! The result? You become the boss.
There’s nobody breathing down your neck to get the rent each month or imposing rules on what you can and can’t do in the house. There’s no threat of eviction or last-minute price increases. And you no longer have to jump through hoops to get basic household issues fixed.
In some cases, buying a property means you no longer have to share the accommodation either. There’s no live-in landlord or housemates to cramp your style. The entire space is yours to come, go and do with as you please.
2. It’s Yours!
One of the major joys of buying somewhere to live is the sense of ownership that comes with it. In other words, you’re not just purchasing a new residence. You’re purchasing an experience as well.
You come home to your house in the evening and go to sleep in your house at night. You cook dinner in your kitchen and share meals in your living room…You get the picture.
This might sound trivial, but it’s a heart-warming, joyful sensation that represents a profound change in your identity.
Then there are the practical advantages of owning your house to think about too.
Basically, you have the luxury to do whatever you want!
As we said above, there aren’t any landlords or housemates to worry about anymore. You can walk around naked, bring home stray dogs off the street, blast music into the early hours, decorate the walls in outlandish colors, and so on. Buy a house and (within reason) you can bid farewell to any and all residential restrictions.
3. You Can Modify & Modernize It
Buying a house means you can do what you want both in and with it. Imagine that the novelty of walking around it all day in your undies wears off in the future.
You can then start thinking about (and carrying out) projects to enhance the home’s appearance and appeal.
You could wallpaper the walls, add an extension, renovate a bathroom, or turn the attic into another bedroom. You can do almost anything you want to bring the property in line with your requirements! The world’s your oyster because it’s your house.
That’s good news if, like most homeowners, you have any gripes with the layout, space, or decorations.
Sure, you might need planning permission first, but this shouldn’t be an issue if your ideas for the property aren’t over the top. Better still, any significant changes you do decide to make should increase the value of the house in the process.
4. You can Build Community
There’s a lot of freedom that comes from renting. You can up sticks and leave at any time. See out your lease, find a replacement tenant, and then off you go somewhere new.
It can feel liberating- especially when you’re young. However, moving from one rental property to another isn’t without its issues. For instance, it’s a lifestyle that lacks stability and you don’t stay anywhere long enough to put down any roots.
That all changes when you buy a property though.
After all, building up enough equity in the house means you can expect to stay in it for years! You could be in one place for half a decade or more before moving somewhere new.
This might seem scary, but it allows you to get involved in the community. You get to know the neighbors, find a favorite coffee shop, and join the local clubs. Have kids and you soon start hanging around with other parents and extending your friendship group even further.
5. Enjoy Newfound Income Opportunities
Buying a house is by no means cheap. On top of other expenses, you’ve got to pay the down payment, the realtor’s fees, and commit to years of mortgage repayments as well.
This all adds up to a serious financial commitment.
However, the good news is that you open the door to new sources of income at the same time.
Imagine that you purchase a property with two spare bedrooms in it. Find two tenants to live in them and you can start charging rent! With modern amenities and a sought-after location, you could bring in thousands of dollars in rental income each month with relative ease.
6. It’s Good for Budgeting
Paying rent is annoying for many reasons. For one thing, you’re paying large sums of money each month. Even worse, it’s money that you’ll never see again and that isn’t building any equity.
Another disadvantage involves your budgeting capabilities though.
Remember, at any time, the landlord could decide to increase your rent. Assuming you don’t want to move out, you’ve got no other choice but to find the extra cash from somewhere.
Thankfully, this level of unpredictability comes to an end when you get a mortgage.
Having a fixed-rate plan means you know exactly how much money will leave your account every month. You can then sit down, subtract that sum from your income, and allocate the remainder elsewhere.
You don’t have to worry about unexpected rental increases impacting your other expenses.
7. It’s a Great Investment
Property has always been a go-to investment for Americans. And for good reason! Despite the important questions first time buyers need to ask themselves, real-estate’s sure to pay off down the line versus riskier investments on the stock market.
Because the value of any house is almost certain to increase over time. Live in the property for long enough and the nature of the housing market pushes its value up every year.
Let enough time pass by and you’re all but guaranteed to sell the house for more than you paid for it.
Furthermore, owning a house is a roundabout way of saving money over time too. After all, every mortgage repayment adds to your equity in it.
You can think of this process as paying into a savings account (that happens to have an awesome rate of interest). You pay down the debt and increase your wealth as a result.
8. Peace of Mind for Retirement
Imagine living in a house for 30 years. That’s three whole decades it’s had to appreciate in value, with compound interest working its magic every single year. You’ve been living in it the whole time, raising a family, climbing the career ladder, and enjoying a happy life.
Even better, having paid off the mortgage, you now own the entire property too.
You end up with the perfect nest egg for retirement.
You could sell the property and buy something smaller instead. You can then take the remaining money and travel the world, spoil your grandkids, embark on a new business venture, and so on. To put it another way, you have enough wealth to enjoy your golden years.
9. You Can Borrow Against the Equity
Paying a mortgage for the next few decades might not sound like fun. It’s not all bad though! Aside from the boost that your credit score gets, you build equity all the time too.
And that’s good news if you ever want to take out another loan.
Imagine having a house that’s worth $200,000, for which you’ve paid off $50,000. The bank would then allow you to take out another mortgage against that $50k.
In other words, by virtue of paying off your mortgage, you get in the bank’s good books.
Remember These Benefits of Buying a House
Almost every American dreams of one-day being a homeowner. Nevertheless, with huge sums of money on the line, the actual decision to become one can be daunting.
The good news is that biting the bullet and taking the leap into homeownership delivers a plethora of advantages.
Hopefully, the benefits of buying a house in this post have revealed a few of the main ones! Keep them in mind if you ever need proof that buying a property is a good idea!