The Benefits Of Buying Your Own Property.
October 11, 2020 by Staff
Filed under Money/Business, Weekly Columns
(Akiit.com) The rental market can be great for a while as you set yourself up in your adult life, but eventually, it becomes something that’s just dead money. It’s not going anywhere other than the landlord’s pockets, nor is it benefiting you in any way. It’s important to try and get yourself on the property market as soon as you can because there are many benefits to it. Here are the benefits of buying your own property.
It’s Investing Into Your Future
When you’re making an investment in your future, a property is the main thing that many would consider is the number one investment. Once you’ve paid off the mortgage, that home is now yours and is an opportunity for you to downsize in order to access more funds for an early retirement or to release equity on it in order to help benefit your family members or friends.
A property that’s yours is an investment into your future. As mentioned above, renting is something that might be worth doing for a while, but eventually, it doesn’t end up benefiting you in the long-term. It’s worth saving up a deposit and making that move to buying a property as soon as you’re able. By doing so, you’re going to help yourself sooner, rather than later when it comes to building upon your investment and creating a greater financial saving.
You Have No Landlord To Deal With
As a homeowner, you don’t have a landlord. This gives you the ultimate freedom and security of being able to do what you want with your home when you want to. You don’t need to ring or email the landlord for prior approval, and you get to make the rules for your home. At the end of the day, a rental can be made to look like a home, but it’s never going to really be yours.
When you have a landlord, they can choose to sell whenever they see fit, and that could always put you under a degree of uncertainty. The truth is there are always bigger landlords or property developers looking into buying an apartment building just like yours. While some changes in landlords can bring in much-needed changes, they can still cause some disruption. That’s not something that you want to have to deal with as you get older and start having other responsibilities like children, for example.
It Can Make You More Money
Owning a property has its benefits. Even as you are still paying off the property, you have every opportunity that your home will go up in value. If that’s the case, then you could end up making a nice tidy profit on your home if and when you come to sell it. That’s why it’s such a good investment because it can offer you the opportunity to make more of your money by doing nothing at all. However, you could further stretch your home’s value by doing work to it that can increase the price, like renovations and extensions as an example.
Reduces Your Living Costs
Renting is costly, and you’ll find that when it comes to renting, you’re probably paying more to rent then you are when you have a mortgage to pay off. It’s worth looking at MortgageCalculator.Org in order to understand just how much you could save by looking at mortgage deals and comparing the mortgage repayments to what you pay in a rental. The difference is likely to be substantial. Not only are you cutting down on the bills from a mortgage point of view, but your overall living costs are going to be reduced, allowing you to spend more money on your household. It means you can have a much more enjoyable way of living, knowing that you are also putting money directly into your pocket.
You Can Pass On Your Property
There comes a time for us all where we all say our last goodbyes. No one can escape it, and our assets like our property and savings aren’t something that we can take with us to the grave. With that being said, it might be a good opportunity for you to pass the property onto your family or whomever you wish to give it too. You could also choose to downsize the property and buy smaller properties where no mortgage is needed and therefore, could start your children off in life in the best way possible.
Buying your own property certainly has its benefits, and it’s definitely worth doing when you’re able to financially. Whether you’re doing it alone, with a partner or friend, it’s an investment that’s worth making for the sake of your future. It’s much better than renting anyway!
Staff Writer; Roy Brown