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The COVID-19 pandemic exploded in the housing market like a bottle rocket. In early 2021, home prices grew at the quickest rate in 15 years. For at least a few more months, the surge in sales and purchases will continue.
We, while giving home advice or in assessing the decision of home buying, we suggest asking yourself these questions - Can you afford it? How long do you expect to stay in the house? Why are you looking to buy?
Home Buying Over Rent-Paying
As Hazrat Inayat Khan said “Some people look for a beautiful place. Others make a place beautiful.”
If you're on the fence, we've broken down - home advice so you can make a decision confidently. Speaking of fences, wouldn't it be lovely to have one enclosing your very own yard by following a few of our home advice tips?
However, there are several Financial Disadvantages of Renting that people like you who are on rent face issues such as being unable to make changes to the property to suit your tastes, the building value remaining constant, rent increases at times, no credit score improvement, and no cosmetic improvements.
Benefits of Home Buying
You've listened to home advice from friends, relatives, and co-workers, many of whom are probably encouraging you to do so. However, you may still be unsure whether purchasing a home is the correct decision for you. Allow us to clear the glass for you to increase transparency.
1. Home as an investment
If you intend to stay in a place for an extended period, it makes sense to own a home to give you a sense of belonging and permanence. You have the impression that you have finally found your place in life. Buying a home entails gradually increasing your wealth.
2. Establishing your asset
Instead of paying rent, which is purely an expense, you might pay the home loan EMI, so gradually build your asset. Effectively, with each EMI payment, your equity in your home grows.
3. Zero landlord hassles
When you own your own home, you have complete control. You don't have to deal with a landlord; whether it's modest maintenance or a total remodel of your entire property, renting is a nuisance in many ways.
4. Freedom to privacy
When you buy a house, you are providing your family with their area; a home. After all, there is no place like home where you can genuinely relax and be yourself.
5. No anxiety
When you own your own house, there is no worry or anxiety created by the landlord's potential early termination of the lease arrangement. Furthermore, there is no need to renew the lease agreement every year and re-negotiate the rent.
6. No compromise or adjustments
Rent is an expense, and the prevailing trend is to cut back on spending. As a result, you may find yourself compromising on various factors such as location, size, and amenities.
7. Tax benefits from a home loan
Tax advantages are available for principal and interest payments on your home loan.
8. Flexible financing options
With the availability of simple financing options, owning your dream house has never been easier without taking home advice.
You must choose a house loan lender wisely who can provide you with flexibility in managing your home loan repayment by adapting your home loan EMI to your current and future income patterns.
9. Conforming to social norms
Owning a property is a sign of accomplishment and success in society. The home you own reflects your wealth and status. Thus, by purchasing a home, you can dramatically raise your social status.
The Bottom Line
To conclude, regardless of how you look at the subject of rent or purchase, buying makes a lot of sense when followed under expert home advice.
A house buying appears to be an appealing proposition with enhanced affordability due to an increase in income levels, higher disposable incomes, the availability of simple and creative finance choices, and tax benefits.
Take Best Free Home-Advice from Bricksnwall Consultants!
Consulting with a financial consultant can be an excellent approach to help you figure out the best strategy to reach your financial objectives.
If you determine that purchasing a house is the best option for you, call a BRICKSNWALL Consultant to explore your home financing alternatives and get home advice on how to find your happy place absolutely for FREE!