Buying a home is a dream for everyone and it can be accomplished through proper planning and execution. To be a homeowner is universally considered a sign of financial security. But many people, without doing any groundwork, think they are not monetarily capable to buy the house they fantasize about.
They instead prefer to pay rents which ultimately brings no good.
Owning a home in Ireland where the demand and supply of real estate rarely stay on equilibrium; its living expenses are one of the highest in Europe. Hence buying a home may seem like a big leap.
Evaluating what suits you and how much you can spend can help to make a better decision. It’s a tough journey with great fruits for your future.
Here are a few benefits of why buying your own home is always better than renting one!
Buying Is Cheaper than Letting
Rental prices are higher whereas mortgages could be cheaper. In most countries around the globe, this difference can be very evident.
According to Daft report, there was an increase of 1.2% in the average rent across Ireland in the last year till July 2020 despite the COVID pandemic.
Whereas the price of houses remained almost unchanged during the same period. This is self-evident that lettings are just getting expensive as time is passing and has no real benefit to provide.
After your mortgage is done, finally you own something. You have a valuable asset at the end.
Your mortgage is actually the price you pay to get the prize. But once your rental contract is finished, everything is finished and you are back to where you started.
Though owning a house needs maintenance and it may cost you a lot but at the same time spending your precious earnings on other things to add value to your life is more fulfilling.
Security of Your Own Place
The comfort of cooking, sleeping, eating and roaming about in your own house provides a sense of peace and security.
The threat of termination notice from your landlord, or facing an annual or a sudden unexpected increase in the rent can be extremely stressful.
As the global economy has become uncertain, there have been sudden crashes in the market. In some scenarios, landlords have not even compromised with tenants unable to pay rents after losing their jobs.
Having a home in unpredictable circumstances such as these brings so much relief and security.
Freedom to customize or change
Your House is Your Story!
Having your own place reflects your style and your personality. When you own a home, you are free to make any amends you like!
It is the most liberating part of owning a house.
You can customize it, decorate it, and even transform it according to your own wishes. It’s your personal space and you can do whatever you feel like doing with it.
A Rented house is your landlord’s property, needless to say, you can’t even paint a wall in the color you want.
Stability and Sense of Community
Owning a home increases stability. You know it’s your place and you are there to stay.
Whereas living in a rented house brings with it the uncertainty and anxiety of where you might have to shift in the future.
With your homeownership, you become part of a community and neighborhood. You build long term relationships and friendships. People get to know you and are there to help you when needed.
Sharing a neighborhood also makes your family safer when you are at work or away for a holiday. Your children can attend the same community schools and make friends who can come over to play with them.
If you are planning to spend a retired life in a peaceful or quiet place, you may opt accordingly to find a community that fits your lifestyle.
You Can Get Income From It
When buying a home, the mortgage you are paying is actually the rent that you are going to get back in the end in the form of a property!
Real estate is the only investment that gives you more wealth with time. The property you own, if well maintained, increases its value.
Adding to the long list of benefits, you can rent a room or two for some income.
Ownership gives you a full right to do whatever you want with your property. After all, it’s all yours in the end.
As it is evident that owning a house is a better choice in most situations, it does come with a hassle of looking and finding your perfect home especially if you are buying for the first time. But the end result is worth all the pain and patience.
To sum it up, even though you may not be able to buy right now, you can always plan for the future from today.