Benefits of Buying Property
Buying a house will enable you to benefit from long term capital growth. There will be no further restrictions on home improvements, or keeping family pets etc. says Jeanie Powell, co-owner of www.javea-property.com.
Buying a house is a dream for many first-time buyers. If you can save a sufficient deposit, you will be able to build home equity, and benefit from long term capital growth. House buying also leads to a freedom that wasn’t available when you were renting, such as being able to perform home improvements, and mould a property based around your own personal vision.
Buying a Home Builds Equity for First-time Buyers
Renting a house is seen as dead money by many first-time buyers, and the only people benefiting from home equity and capital growth are landlords. First-time buyers that are prepared to take a long term view will benefit from considerable home equity. According to online financial publication the Motley Fool; first-time buyers can, on average, benefit from property doubling in value every 9 years.
Buying a House Means you can Perform Home Improvements
Purchasing a home provides first-time buyers with the opportunity to perform home improvements. There is no point in performing home improvements when renting, as any capital growth and home equity will belong to the landlord.
First-time Home Buyers Can Buy a House for Lower Mortgage Repayments
In a low interest climate, buying a home allows first-time buyers to benefit from lower mortgage repayments. It is often cheaper to buy a house than rent one. Those with a bad credit rating may have to pay higher mortgage repayments and will require a larger deposit.
Buying a House Allows Buyers to Keep Family Pets
Many landlords don’t allow tenants to keep family pets. Buying a property changes that as there are no restrictions placed on this. That means that a first-time buyer can simply apply common sense regarding whether keeping one is sensible.
Get a Secured Homeowner Loan Against Home Equity
Once sufficient capital growth has taken place, it is possible to use any home equity to get a homeowner loan. Homeowner loans can be used for debt consolidation, foreign holidays, or even further home improvements. Failing to keep up with monthly repayments on a secured homeowner loan can lead to creditor harassment or even house repossession.
First-time buyers that have a decent income, steady job and sufficient house deposit, stand to benefit greatly from buying a house. Buying a house doesn’t simply mean that a person has somewhere to live, it means that the buyer benefits from capital growth, home equity and personal freedom.