Owning your own home, particularly for the first time, is an incredible feeling – a mixture of excitement, accomplishment and pride. Unfortunately, economic instability has dampened consumer confidence – and because of this, fewer first time buyers are experiencing the First-Home Feeling. You may well be in the financial position to buy your own property, but the sustained turbulence in the economy, and by extension the property market, has possibly kept you renting as a precautionary method, but it is time to break free and make an important decision, to start living the future today.
- Creative license
One of the benefits of having your own home is that you can customise it to suit your lifestyle. If you want to renovate, it’s your prerogative – you don’t need to get permission from anyone. It’s easier to adapt your own home to your current needs and as those needs change, so can your home. For example, baby-proofing your home if you’re at that stage in life or converting the kids’ bedrooms into an office or gym if you’re empty-nesters. However, it is important to note that if you own a home on an estate or within a complex, you may still need to get approval from the Body Corporate. An added bonus is that certain improvements actually boost the value of your home, which in turn, boosts your personal wealth, adds Greeff. If you are in the financial position to buy the property and if you are able to put down a sizable deposit, then you should consider taking the next step towards financial growth and security. There has not been a better time to purchase property and the long-term benefits are endless
- You’ll have living security
While renting, your family’s stability is based on the decisions of a landlord, who may suddenly decide they no longer want to rent their property out. Moving house is expensive, inconvenient and it can be pretty emotional, especially if you have to shift unexpectedly. When you own your own home, you can sleep sound in the knowledge that you call the shots. That’s priceless
4. Security
You don’t have to worry about your house being sold out from under you to out-of-province investors. If renting and faced with this scenario, you could find yourself faced with an unreasonable increase to your rent, thereby leaving you potentially homeless or too poor to eat. These increases could continue indefinitely so the investors can make more money or so that you will feel forced to leave and they can turn your building into a condominiums.
5. Investment
The price of real estate continues to increase every year, therefore purchasing real estate is one of the safest long-term investments a person can make. If you had the choice between putting money towards a new car or a new house, a house should win every time as it will appreciate in value over the years whereas a car does the opposite. Once you own one house and build some equity you may also be in a financial position to buy another and rent one out.
6. Low Interest Rates
Right now we have some great interest rates which will help you get your foot on the first rung of home ownership. It is a great time to get into the market and lock into a really good interest rate and build equity.
We’re here to help
When you’re deciding whether to continue renting or to buy a home, there’s a lot to weigh up. Speaking to an adviser can be a great way to help you work out the best way to meet your goal. If you decide that buying a home is the best choice for you, contact Property Watch to discuss your home options
