The Benefit of Owning A Home
- Dec 16, 2018
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WHY IT IS IMPORTANT TO BUY LAND
Renting or buying a home is a big decision as there are pros and cons to each option. But let's be frank, buying a home is no small expense and due to budget constraints, renting a home might be an attractive option, but if you are thinking about a long-term investment, owing your home has significant advantages that you will need to consider.
Real Estate investment for one is an investment that builds equity, appreciates and last for a very long time, as owing a home is a major decision that not only affect yourself, but your financial health.
Renting however has its advantages, but it has been proved that rather than renting, buying is more of a financially sound decision. Homeownership brings tangible benefits, such as a sense of stability belonging to a community, pride and ownership. But in the scenario of renting, you would have to move if your landlord suddenly decides to sell the property or turn your apartment to a commercial setting or even increase the rent to more than you can afford.
When you buy, you have a solid financial investment. Part from big businesses, for some people, their homes is one of their largest financial investments and makes up a big portion of their overall net worth. A house bought in 2005 for N5,000,000 could sell from N8,000,000 to N10,000,000 which is more than N3,000,000 return on investment. Sometimes, rates can be low and that is the best time to buy. If you can afford it, don't wait. Buy it NOW.
Owning a home allows you to build wealth, have a potential passive income and set you up for a comfortable retirement. It helps increase your network in ways renting might not, especially those who plan to stay in their home for a long time and want to build their net worth can see the big benefits. As said earlier, buying a house isn't just a wake up in the morning decision, it requires commitment that would go a long way, as it would also significantly lower your living expense as time goes on.
As for passive income, you can rent out your house or space for extra cash. If you are fortunate to have a large space, it could be used for paid special occasions such as big events, weddings and more. Having an extra cash isn't a bad idea. Overall, owing a house is usually a better value and a more sensible option than renting. Again, it depends on your financial circumstances, but it makes sense to aim to making buying a house your goal.
Another angle is the emotional appeal of owning a home. The house is yours. Have a bathroom or kitchen that is in need of upgrade to your taste? When the house is yours, its your call. You can do whatever you like, you can repair, upgrade, replace as desired. You choose the brand and features you like, you can set your own rules and regulations, such that you take advantage of the privacy being a house ownership offers.
There is this pride that comes with owing your house, that makes you smile when you drive up to it. Homeownership warm fuzzies. Knowing that this is your house, you work for it and as well take care of it. It can be your gathering place or relaxing refuge offering the peace and solitude that re-energize you. A permanent place to raise the children, create the sort of residence you want. You can even choose to work from home if your have your own business, such that you enjoy your home while you are there and you can sell whenever you choose.
This article is not to debunk the advantages of renting as there are times renting can be a better option than buying a house. For instance, if you are certain you might be in the area for a short period of time or new to the area, before you commit to buying a house especially in places you are not familiar with. But beyond such situations, buying is often a better choice economically.
Now is the time for you to seriously consider buying your own house, you can see that there are benefits of house ownership. All our properties, offers premium benefits that you should seriously consider.
Team up with Photizo Properties Limited to talk about your house ownership, and discuss the unique opportunities and possibilities we offer.