Human beings need four things to survive and thrive; food, water, oxygen, and shelter. Since houses fit the shelter category that would make them an essential rather than a so-called luxury. However, the world doesn’t make them any easier to access just because they’re a necessity. If not, it makes the process even more grueling for people to bear. Nevertheless, it’s during these times of hardship that we need to remember that the greater the obstacle, the more glory in overcoming it.
Why Not Just Stick To Rentals?
Judging by the number of condominium and apartment buildings, this generation has promoted the landlord-tenant relationship quite productively. People nowadays, especially young adults prefer renting over buying an estate (read more).
If you look at the concept of renting from the perspective of someone who’s still undecided and has commitment issues, it’s very ideal. First of all, you’re not tied to a permanent location which is an important factor for unsettled folks. You can just pack up and move to a different city when your lease comes to an end.
Second, you’re not held liable for certain repairs and maintenance which is the big disadvantage of houses. Third, you get to live in a location that’s close to everything considering that co-ops are mostly situated in commercial areas. Lastly, they’re more affordable in terms of up-front costs which are perfect for people that are just starting out. However, just like everything they also have their set of cons that balances the scale. It just so happens that houses make up for the areas where rental buildings are lacking.
Reasons Why You Should Invest On Real Estate
Everybody has their reason for wanting to buy their own property (https://www.thebalance.com/eight-reasons-to-buy-a-home-1798233). It can be for freedom’s sake, a long-held ambition, or the pride of ownership. No matter what the intentions are, the number of benefits you’ll gain stays exactly the same:
1. Freedom
Apartments are obviously smaller in size compared to houses. Of course, there are bigger flats that are available in the market but they’re usually on the pricier side. So unless you’re willing to pay a fortune for rent, you’ll stick to a two-bedroom unit at most.
With an estate, you’ll have twice or even thrice the space depending on your property’s area from what you’re getting in rentals. That by itself opens up a series of doors for new possibilities. An increase in space means you can invite more friends over; your place isn’t suffocating and you can leave a room vacant for when you’re building a family.
Moreover, you have complete freedom over the design and layout of your home. Unlike renting where you’re limited with what you can do so you can avoid a breach in contract. Preventing situations where you could possibly wind up not getting your deposit money back is a thing when renting.
Houses give you complete and utter freedom in terms of creativity so you won’t have to think inside the box. You can puncture and attach anything to your walls; you can paint it in any color you want, and you can do renovations without having to ask your landlord.
2. Security
When you’re renting at someone else’s property, you’re always at their mercy. The flow of your life is dependent on them, so you do your best to please them. However, there’s a limit to how much pleasing you can do just to keep your position. Every day you’re living with the constant fear of the probability of getting kicked out. However, when you have your own house you don’t get to be anxious over things like these.
A property permanently signed under your name, gives you a sense of security like no other. Moving out unexpectedly is not only financially and physically draining but mentally as well. Imagine how much weight will be lifted off your shoulders when you’re in the position to call the shots. What’s more, is that you’ve bought a place for your family where the threat of having to move and readjust is non-existent. Nothing beats sleeping soundly at night, knowing even tomorrow or for the next days of your life; you’ll have a roof over your head.
3. Savings
People in nature aren’t fond of having their income reduced by an active debt. That’s why when weighing between a mortgage and rent they’d rather go for the latter. However, you’re paying a mortgage to a house that you’ll own in the future while you’re money spent on rent is flying in the air.
The “suffer now and enjoy later” is very relevant to mortgage, you need to think ahead instead of focusing on now. You need to think that this house, the one you’re paying for monthly is an investment. For you’d hardly see any changes in the first few years, but in the long run, you’ll be saving yourself a substantial amount of money. Another way one might be able to save money to help them buy a house that many don’t know is possible is to file bankruptcy on credit cards only. Many people today have overwhelming credit card debt, and if you file bankruptcy on that debt it could provide many more opportunities to save for buying a house.
Understanding Home Loans
With today’s population and demand, available houses come and go in the market with prices double the amount from before. This makes it all the more difficult to find one at an ideal location that fits the range of your budget. However, as the cliché saying goes, “when there’s a will, there’s a way”. In this particular case, a loan is a readily accessible solution for your property dilemma.
The majority of us who work with minimum wage can’t afford an estate up-front and we can’t for the next years of our life. However, if we were to take this fact as is, we’ll never be able to buy one until our retirement. It’s not about what cards you’re given but how you choose to handle them. By thinking of the best possible way to deal with the limited resources we have, we can achieve our main goal which is to buy a house. This is where home loans come in.
Home loans are given to people like us who don’t have a big amount of money sitting on our bank account to pay for a house directly. People try their best to stay out of loans and for good reasons, but if we were to pass on opportunities like these we won’t be able to gain anything. It’s good to be cautious when it comes to money, that’s why there are websites like the home loans page that can help you have a better understanding of how it works. By doing your research beforehand you can avoid shifty loaning companies and get the best deals in the market. However, you need to take the first step first which is being interested.
Choosing to get a home loan also provides a lot of advantages like low-interest rates, liquidity benefits, tax benefits, and a reduction in GST rates.
