When it comes to buying versus renting a home, many people opt for the latter due to the preconceived hassles that come with buying property. However, buying a home comes with major life-changing benefits that your future self will thank you for.
1. You Get to Create Your Dream Home
The first and most obvious benefit of being a homeowner is the ability to modify and make as many changes as you wish – because it’s yours! Unlike renting, where your freedom is usually limited to small interior changes such as painting the walls a different colour, owning your home, means having full reign to create your ultimate dream home.
2. Your Payments Are Predictable
Renting comes with various factors that can influence monthly payments – these include inflation and possible housing shortages in your city. However, when it comes to buying your own home, you don’t have to worry about fluctuating payments due to locked-in mortgage rates. This predictability and consistency of mortgage payments make future planning and budgeting more reliable.
3. Your Credit Profile Strengthens
Consistently paying your mortgage rate every month does wonders for your overall credit history. As your full mortgage balance decreases, your credit profile strengthens as long as you make steady monthly payments. Of course, this has adverse effects on your credit profile should you fail to make full payments on time.
4. Your Home Accrues Value
As a homeowner, the longer you stay in your house and your surrounding area improves and develops, the more value your home accrues. This is not the case with renting a home, as you don’t benefit from any value, instead, your rent is more likely to be pushed up.
5. You Get Tax Benefits
When it’s time for tax returns, homeowners benefit majorly due to the high tax on homes and other housing expenses. This tax return is yours to do with as you please. This is not the case with renters who see no benefits during tax season.
6. You Are a Permanent Part Of a Community
When you buy a home, you are second-handedly investing in the community around you and committing to it. You are more likely to put energy into uplifting and improving your surrounding area, unlike renters who have less attachment to the community and can move on easily.
7. It Is Something You Can pass On From Generation To Generation
Buying a home means no more stressful moving situations. If you want, you can make your home a permanent part of your life and heritage – developing it into a place of belonging to your family and generations to come.