Is it better to rent a property or to take the plunge and buy your first home? Here are some of the advantages of buying.

If you are considering buying your first home, you might be wondering if owning a property is a better option than renting. These days the property market has received a lot of bad press and many people are wondering if it is really advantageous to buy their own home rather than renting.

There are many advantages to buying a home, and if you are able to take the plunge into the property market with a house that is affordable for you it can be a great move.

Here are some of the reasons why owning a home is a good choice:

Appreciation

Although the real estate market will always fluctuate through a series of ups and downs, over the years you can pretty much guarantee that a home will increase in value. This means that buying a house is a very good investment for your money and you can be sure that it will protect your wealth against inflation. You will be buying a piece of property for yourself rather than putting your money into your landlord’s pocket every month. You also have the potential to earn money from this investment if you are able to rent out a room or a suite in your home.

Freedom

Owning your own home gives you complete and total freedom to do whatever you want with the property, without having to worry about restrictions from your landlord. You can renovate the bathroom, paint the front door red, landscape the backyard, or rent out the extra suite to make a bit of money.

You are free to customize and improve your home in any way you choose, which will increase its value over the years.

By having the freedom to make any changes, you can really make a house feel like a home.

Security

When you own your own home, you don’t need to worry about demanding landlords, the possibility of your rent increasing, or the risk that your building will be sold and you will lose your home. You will be able to be the king of your own castle and have control over where you live.

Equity

After many years of paying your mortgage, the balance will decrease and the equity in your home will increase even if the value of the home does not increase. Owning your own house gives you the option of taking out a home equity loan on the property if you ever need to use that money for something else. This might come very handy if you have an unexpected emergency or you need money to invest in a new venture.

Rather than giving your money away to the landlord, it is more like you are saving it for yourself.

These are a few of the reasons why it can be very advantageous to buy a home.

And if you have any doubt of what is best for your wallet, get legal advice, it will help you to make the right decision.