As the cost of living continues to rise, homeowners across the country are looking for ways to save money. Many people who can afford to are deciding to stick with renting property, but there are many reasons why buying your own house can be a great financial decision and offer many other benefits too, if you can afford the deposit buying a house is still a good idea and here are five reasons why you should make buying your home a top priority:
Buying a house is always cheaper than renting in the long run as rent prices keep increasing while your mortgage payments remain the same each month, interest rate aside. You will also reduce financial stress by building equity over time since ownership appreciation is greatest when done early on. With the money saved from purchasing instead of renting, you could take a holiday to Florida or other luxury items like electronics or jewellery.
Your Own Space
When renting, you must abide by the rules of your landlord and respect their wishes when it comes to any changes or upgrades you would like to make in the home. If you own a house, however, then you get to call all the shots! This means that you can paint the walls whatever colour you’d like, choose which appliances will fit best with your lifestyle, customise any aspect of the home as desired, and watch whatever you like on the tv. That freedom can even extend to building work – a couple of stud walls and you’ve got yourself that walk-in wardrobe you have always wanted.
Homeowners are eligible for several tax breaks on their mortgage interest and property taxes each year which can significantly reduce overall costs. You’ll also be able to deduct some closing costs associated with buying a home if they meet certain requirements.
Pride of Ownership
Nothing quite compares to the feeling of walking up your own driveway and unlocking the door of a home you’ve worked hard to purchase. Owning a house is an accomplishment that gives you a sense of pride and stability not often found when renting or house sharing. Knowing that you have achieved something great can be incredibly rewarding!
Having Room for a Home Gym
Regular trips to the gym can be expensive but having a home gym means you can get in shape without spending too much. With your own house, you’ll have space to dedicate to creating a workout area that fits all of your needs. This can save you money and make it easy for you to stay healthy with convenience and privacy. Home gym companies like Factory Weights sell weight sets and gym racking of all sizes, so even if you end up with a property lacking in acres of space, you’ll still have enough room to put enough gear in to drop your membership. If you are going to be pumping iron at home you might need some new clobber to fill that walk-in wardrobe we were talking about earlier in the article – Diamond Theory have some amazing muscle clothing for bodybuilders.
Purchasing a home requires careful consideration, but it can be one of the best investments you make if done wisely. With these five reasons in mind, now may just be the perfect time for you to start searching for a place to call your own! The many benefits associated with homeownership make this decision well worth it