It’s referred to as one of the most stressful times in life, but most of us have the dream of buying our own homes. Sure, it’s a huge financial commitment to save for a deposit on a house, but it’s one that will give you something that’s yours to do with what you will. While buying a house can be difficult, it’s easy enough with the proper planning. You don’t want to fall short in paying your regular bills just because you want to save for a house, and it’s so important that you buy your house for the right reasons.
So, if you are currently sitting on the fence about buying your own house, then you should read on. Speaking to a mortgage broker is a good first step, but the one thing that you want to do the most is to know why you should buy your own house in the first place and not just keep renting. So, with this in mind, we’ve got five great reasons to go ahead and buy your own house.
- You Want One. The simplest, easiest reason to buy your own house? You want one! It’s a huge step to buy your own house, and it’s an emotional step to take, too. Most people rightly feel nervous when they buy a house for the first time, and it’s why they choose to use a broker. Understanding the financial responsibility of getting a mortgage is important, and the cost of the upkeep of a home goes above and beyond what you think you’ll spend. You have the boilers, the roof, the insurance to pay for. And you’re ready to do it!
- Equity Building. Equity is the biggest benefit of buying a house. You can put money into your house and if you need to, you can take the equity out of the home and put it toward other big purchases or even another house. No need to throw away rent money when you can add it to the house and earn more on it. Equity you have in the house will depend on whether the housing market is behaving. If it’s not, you will find that there is a decrease in value and you will have low equity.
- Job Security. If you have security in your job, you have security in the fact that you know that you can buy and maintain your own home. A steady income gives you that security you need and stops you wasting your cash on rent.
- Tax Breaks. Did you know that your home could give you tax breaks? You can reduce what you pay in taxes throughout the whole year and you can deduct a percentage of interest from the taxes to save some cash. It’s a wonderful perk that most people are unaware of.
- Added Stability. You can keep your house and know that no matter what, no one is kicking you out (unless you stop paying the mortgage). You can pass the house through the family, too, so that the children have somewhere to live one day or add it as part of their inheritance.