The basic human survival needs include food, water, air, clothing and shelter. Owning a home satisfies one of the basic needs of people for their survival. It is more than just a place to live in; it is a valuable asset. Hence, buying a home will help you feel secure and take you one step closer to financial success. Find out a few proven benefits of owning a home, which can ease your home buying process.
1) Building your Assets
Home values have risen and will continue to grow in the future, making homeownership a profitable long-term investment. Effectively, with every EMI you pay, your equity in your home goes up. Also, home equity provides flexibility to get another loan if you ever need it. Many investors follow their home equity and home appreciation simultaneously. If and when you sell, you are likely to get a higher return on your investment.
2) Economical Compared to Renting a House
The choice between buying and renting is challenging. Rent is an expense that occurs every month without creating any physical asset. Unlike a rented house where the rent increases every year, one need not worry about the same in your own home. Long-term tenants lack financial stability because a high percentage of their income usually goes toward housing expenses which are constantly on the rise. Also, owning a house can solve problems like relocation, money and energy.
3) Emotional Security
When you purchase a house, you provide your family with their very own space, a home. Owning a home gives you excellent stability and emotional security. Also, it will help you to stop worrying about negligent landlords, rent increases or the fear of being evicted because your place is being sold or redeveloped. Your home will be yours for as long as you like—and you’ll be in charge.
4) Pride of Ownership
Pride of ownership is the number one reason people enjoy buying homes. You can paint the walls any colour you wish, turn your music up, attach permanent fixtures, and decorate your home as you desire. Also, buying your home is considered a symbol of accomplishment and success in society. Your wealth and status are usually measured by the house you own, significantly enhancing your social status.
5) Building Community of your Choice
Buying a home allows you to pick where you want to live. Generally, people want to live in a community they feel is unique and grounded in identity and individuality. Selecting the right home isn’t just about what’s between the walls or within the property lines, but it is also about the location and the choice of living in a community.
The Bottom Line
Buying a home is a big step. If you’re financially and emotionally ready, it’s the best step to take. Homeownership is not limited to the costs and location, but it gives you a sense of security and accomplishment. Buying a home can also set you up for future financial success that tenants can’t enjoy.
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