Those who are currently renting probably dream of having a home they can call their own. Aside from the fact that it gives you shelter whatever the weather is, having your own home gives you the freedom to do whatever you want from it. You can add a room, create your own garden, and so much more. It allows you to make changes to it without asking permission from the landowner.
Though the idea of having a property under your name sounds like an achievement, one of the greatest advantages of having your own home is how it can secure your family’s future. Here are some of the reasons why you should get one for yourself.
It also serves as an investment.
Land prices usually increase in value over time. The amount you have paid may already double its value over a couple of decades. The resell value could possibly be higher especially when the house is still in a good condition. In case you would like to move in a much bigger or better home in the future, selling your existing house can surely contribute to the amount you have to pay.
Focus more on your children’s needs.
If you have started paying your mortgage early, chances are you are done with your monthly amortizations sooner. Since you completed paying for the house, you can now focus on other important things in life. Most probably, your children are already in college when you finished the monthly payments. The amount you usually allot for this may now go towards your children’s educational or other essential needs.
Entrusting it to your children when you’re gone.
Just like what happens in TV series and movies, real estate can be transferred to your assigned beneficiary when you are gone. Given the resell value and the market for this kind of investment, you can have peace of mind that your children can stand on their own in case of an unfortunate event. They can either live in the house rent-free or sell them to divide it equally.
Earn money from it.
This applies when you have another place that you can live in, or if you own another house under your name. You can make as another source of income by letting other people live from it. This income can be kept solely for emergency purposes or towards the family’s savings account, that you can use in the future.
If you still don’t have a house that you can call your own, maybe it’s time for you to consider getting one. It would be best while you are still in your mid-twenties – consider getting one while you’re young and able. If you are having doubts if you can, the mortgage affordability calculator in mortgagecalculator.uk can give you an idea of how much you can borrow and an estimated monthly mortgage payment you can make. Investing in a home that you truly own also means ensuring not just your future, but for your family as well.
