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Advantages Of Buying A Property

In our last article, we took a look at the advantages of renting. So we thought it only fair to also look at the advantages of buying a property too. So we took a deep dive into why owning a home outright may be the right decision for you.

Advantages Of Buying A Property – Control Over Your Home

It provides you more control over your home and gives you the freedom to make changes as you see fit.
The gains will be yours if the value of your home rises due to market conditions or improvements made.
Increasing the worth of your home builds equity (the value of the property minus the amount of debt you owe) and allows you to trade up on your next move.

You own a property. There are planning restrictions for certain things, should you wish to expand or make exterior changes. But essentially your home is yours to do with it as you see fit. 

Advantages Of Buying A Property – Cheaper Option?

Some may disagree with this. But mortgages can offer you the chance to live for less whilst having an asset at the same time. After all, many think rent is dead money, as you never get anything back apart from a roof over your head. Mortgage payments pay towards a goal of full ownership of a property.  Monthly mortgage payments can be quite competitive, if not even lower, than what you would spend to rent a comparable house. The monthly payments you make all contribute to the mortgage being paid off and you owning the house outright in the long run.
Owning a home altogether allows you to save money on living expenses because you won’t have to pay rent or a mortgage, which is especially beneficial later in life.

Other Offshoot Advantages

There are retirement plans that allow you to tap into the equity in your house to help pay your retirement. Yes, what you have with every mortgage payment is equity in your property. That can be used if necessary to extract funds. You can for example remortgage your house if you wish to make renovations or improvements to your property.

Advantages Of Buying A Property – Inheritance For Family

When you die, you can leave your possessions to your heirs. For those with children, many see leaving their offspring something tangible when they pass on one of life’s priorities. And considering how house prices have rocketed in recent decades, what better gift can you leave than a home to live in? I cannot think of anything better, that is for sure.

The Ultimate Investment

If you bought a house a few decades ago, you really did strike gold. Fact is, property prices pretty much everywhere only go one way over time, and that is up. Make improvements to your home, and the value of your greatest asset will only shoot up even quicker. 

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