Your friends are buying homes. Your kids want a backyard with a pool. You want your own little home-office space. But is it time for you to buy a house? Buying a home is not something you do everyday. It’s a huge decision, a big financial commitment – and probably one of the most stressful times in your life. Though the more you know about why you should buy a home, the less scary the entire process will be. To get you going, here are four good reasons why you should consider buying a home:
Pride of Ownership
Buying your first house is a mega-accomplishment. When you own a house, you own land – and you can do whatever you want with it. You can paint the walls in any color, you can turn your music up, you can attach permanent fixtures, and you can decorate your home the way you like it.
Homeownership also gives you and your family a sense of stability and security. It’s investing in your future-equity – which will only grow, the longer you are in the home.
Enjoy Increased Privacy
Buying a house buys you privacy: no more drive-bys or 24-hour entry notices from your landlord. When your air conditioner breaks down in the middle of the summer, you just call the service and schedule a time best for you. You can also increase your privacy by adding front yard fences, clever landscaping, or installing a video-doorbell – you’re in control of your family’s privacy and comfort.
Forces You To Save
With each mortgage payment, you pay down your debt and build up equity in your house. Like this, you automatically save. Having your own home allows you to shift your focus from saving for next month’s rent, to saving for your future – whether it’s for your child’s college, your retirement, or any other long-term goal.
Achieve Mortgage-Free Living
The biggest reason why buying a house is worth it: once you pay your house off, you own an asset outright – which you can also live in! You’ll be able to save or spend a huge portion of your income, which was previously assigned to housing. Say hello to spontaneous trips. Even if the house you buy now isn’t the one you’ll live in forever, you can always sell the house to help fund your retirement.