For generations, owning a home has been the basis of a personal dream, the foundation of a happy family and the guarantee of long-term financial security.
Although in recent years this idea has been questioned, having your own home generates many psychological and financial benefits; however, you must take into account the ability to cover the expenses required to have a home before investing in it.
Here are some benefits of owning your own home.
1. Security
Buying your own home will give you a sense of achievement. Becoming a homeowner is generally one of the most important goals for people, personally and financially. Owning your own home enhances your quality of life and that of your family.
Knowing that you have a roof over your head and a place that belongs to you gives you a sense of security and protection.
2. Stability
When you buy your own home, you are not subject to rent increases at the whim of the landlord, or constantly searching for a better rental deal. When the house is yours, your stability and that of your family improves 100%, saving you both money and time.
3. Investment
Over the long-run, real estate remains a safe investment, as generally the value of housing tends to increase year after year.
This is especially true for new housing developments in prime locations with good amenities such as the homes for sale in Mornington, Co. Meath, which offer great value for money.
4. Your own space
When your home belongs to you, you can remodel it, adapt it to your tastes and needs, extend it, etc. You can plan for the long-term and step by step create the house of your dreams, something which can be a great motivation, being able to finally achieve all your expectations.
5. Independence
You finally get to do whatever you want. No more need to run every decision past your landlord first. Also, you will avoid any of those awkward landlord inspection visits.
When you are the owner, you can decorate in the style you wish without any need to consult the landlord. You can have pets (if you want), change the furnishings, or even put that beautiful wooden flooring that you’ve always wanted so much.
6. Improve your credit history
It’s difficult to buy a house without good credit, but that’s not where it ends. Being able to pay your regular mortgage payments can quickly become your best financial reference for other borrowing needs.
A loan to buy a home is the biggest financial debt most people will take on in their lives. If you get on well with the financial institution that provides it, it will make things much easier in the future, for example, if you decide to buy a bigger and better house, or even a second vacation home.
Owning your own home has many advantages, and even though it comes with certain responsibilities as well, overall, it’s still a smart move to become a homeowner.