Congratulations for saying yes to life and deciding on finally having a home of your own! What a milestone! It shows just how much you’ve matured and leveled up in building the life of your dreams. Being a homeowner offers so many rewards and benefits. To give you an idea as to how your future is going to be as a homeowner, we’d enlist five of the most solid advantages that you’d be reaping! Again, congratulations!
Benefit #1: Prime security
Having a home of your own will give you prime security because you’d never have to depend on others’ decisions. If you’re renting, your security is always at the hands of your landlord. Your landlord could easily decide that he or she no longer wants to rent out his or her property and you’d have no choice but to adjust, pack everything, and move your life elsewhere. Moving is so stressful. It requires so much planning and can cost so much. It can easily drain you mentally, physically, and emotionally. And it becomes all the more stressful when moving is sudden.
With your own home, such worry will be a thing of the past. You’d get to call the shots. You never have to consider other people’s decisions because you’d be the one to make the decisions. You have the final say on everything. You’d always be secured and you’d never have to worry about abrupt changes in your schedule and lifestyle.
Benefit #2: Solid budgeting
You’d have full control over your budget if you have a home of your own. Renting can easily affect the stability of your budget because your landlord can always decide to increase rent. It’s simply not a way to live. With a home of your own, you’d still have expenses to tend to but all will be within your plan and budget. You can even choose to pay a fixed amount if you’d choose a fixed-rate home loan. It is that stress-free.
With a home of your own, you won’t have days when you’re clueless as to how to control your expenditure due to unforeseen and sudden rent increases. You won’t even have to pay rent! It’s that good! Every single dollar that you’d pay won’t be going to someone else’s pocket! All expenditure will be for you and your sole benefit. With your own home, you’d be the master of your budget!
Benefit #3: Project Dream Home
You can renovate anytime if you have your own home. Your own house, your own rules! Renting can feel so limiting and frustrating because most landlords are not okay with tenants renovating their property. Some agree to renovate but only after so many talks, papers, and conditions. Who has time for that? It also gets sad when you have to move out and you’ve gotten so used and attached to the improvements and renovations that you’ve made on the space.
With a home of your own, you’d never have to feel limited and frustrated. You won’t need to ask for anyone’s permission if you want to paint your room a different color. You can do it anytime. You can even add extensions and roof decks just when you feel like it!
The best thing about owning a home is knowing that the house of your dreams is about to become a reality. With your own home, you can do anything you want. And that includes building your very own dream home. Everything, from flooring to bedding, will be how you exactly want things to be.
To give you an idea as to how fun designing your dream home can be, you should check out house and land packages for first home buyers. Looking at showcased designs will give you an idea as to how easy it is now to build a modern, warm, and sustainable home.
Benefit #4: Equity
You’d get to build on equity with a home of your own. Equity is the value of your own property. Its value is set to increase through the years and you will get so much benefit from it.
A house of your own can easily give you a chance for home equity leverage. You can choose to redraw your loan or top-up your equity with an additional loan. You can also opt for mortgage refinancing. Your home is solid security so banks will always give you an easier time when it comes to applying for loans. Your own home can give you additional funds that you can choose to spend on your business, or on buying a new car. A home of your own is superb financial leverage.
Benefit #5: Savings
You’d have more savings if you own your home. It may seem like mortgage repayments is a solid expense, but it ultimately is a big way for you to save. All the money that you’re paying goes right back to you because you’re paying for your own home. You’re paying for a house that is yours. Your own house. This is very different from having to pay rent for a house that will never be yours. A rent allows you to pay for the privilege to live in a space while mortgage repayments allow you to pay for the privilege to live in a space and own the space. Why rent when you can own? Ultimately, having your own home will give you massive savings because you’d no longer have to pay for rent.