When I was buying my own home, I saw many options each with at least one feature I liked. However, the process was easier when I knew what I DIDN’T want.
So when you think “I’m buying my own home, what do I want?” think about the living situation that is going to work best for YOU. However, it’s not always that easy.
Sometimes, you may find yourself pressured into a particular option because it’s what your family would like for you to do. But really, you have to work it out for yourself.
You’re now beyond renting. Sure, that has the benefit of your landlord taking on the majority of the maintenance costs, but that can often be where the benefits end. One of the worse factors about renting is that you could be forced to leave somehwere you call home at a moment’s notice.
So when you think “What are the benefits to buying my own home?” weigh up the pros and cons. To help you, I’ve come up with 7 benefits of buying your own home to consider.
#1 Buying My Own Home: It’s Entirely Mine
So first of all, the obvious benefit is that it is yours. You don’t have to answer to anybody else. If you want a pet, then you can have a pet. If you want to hang pictures, you can hang pictures.
You are free to set the rules in your own home. When you’re renting, you may not have that luxury. You could even end up with a super strict (or even mean) landlord, and find that you’re limited in other ways too!
#2 You Can Make The Changes You Want
As a step on from that, as a homeowner, you can also make any changes that you want. You can change the paint colors, the interior layout, and anything that you want!
You can upgrade technology, and it’s all for your own benefit. You could even look for cool design ideas and apply them too without worrying that you’re adding value to somebody else’s property!
#3 You Can Extend The Space
At the same time, you also have the option to add on to your property. If you’re running out of space and you have the land available, you’re free to extend if you wish.
Compared to when you’re renting, you’d probably just have to find somewhere else to live.
#4 You Can Make Money From It
Another great option is that as a homeowner, you’ve quite often got the option to make money from your property. There are many ways that you can add value to your home.
If you want to earn money, you can apply some of these changes and look to make a profit.
#5 You Have No* Risk Of Being Homeless
*Or little. You know that a landlord could give you as little as a months notice to find somewhere new to live should they decide to sell. And this can be soul destroying if you love your home.
However, you are in control when you own your own home. As long as you are making your mortgage repayments and you’re up to date, then you will have no risk of being kicked out!
#6 You Have More Rights
Now, when you’re a tenant, you may be at a loss if the owner of the property decides to sell or make changes. But when you own your own property and land, you are the one in control.
Even if you are faced with a compulsory acquisition, you have options. You can claim for the way that this will impact on your life. This is a benefit that comes when you have actually bought your property or land.
#7 It’s Your Asset
Lastly, the final benefit is that your home becomes an asset of yours. Because that’s the thing about buying property – more often than not, it’s an investment.
While you’re paying off your mortgage, you will often find that you’ve been able to gain an expensive asset that you now have at your disposal.
You then have the option to sell your property if you want to free up some cash, add it to your retirement portfolio, or leave it to your children as a part of their inheritance.