What are the reasons to buy a house? Home ownership isn't always possible, and at some times in your life renting may make more sense. But if you can afford to buy (and want to), it can be a very good investment. Buying a house gives you many advantages over renting. Here are some of the reasons to buy a house …
One of the best reasons to buy a house is that it gives you a great sense of security. If you buy outright, it's yours forever. If you get a mortgage, technically the house may not be yours until it's paid off, but providing you can meet the payments you are secure. Rental contracts tend not to be for that long, and the landlord can give you notice, which is not great if you have a family …
Most people want to leave something to their children. If you buy your house, then your children can inherit it (unless you need to sell it for care in your old age). They may even choose to live in it after you're gone, and keep the house in the family. Or they can sell, and use the money to better their lives in some other way.
Do you hate living with someone else's tastes in decor and the mismatched furniture your landlord has left in the house? It's difficult to truly personalise a rented home; you can't (usually) paint it, and you certainly can't make any structural changes to suit your lifestyle. Buy your own home, and you can decorate to your heart's content.
Rentals never truly feel like home; you're always conscious of the fact that someone else owns it. Landlords often don't allow you to decorate the house, and it can be difficult to find rentals that allow pets. When you buy a house you can do exactly what you want with it and truly make it your home. It's a lovely feeling to create the home that you want.
It's true that property isn't always the goldmine it's made out to be. Some people have lost a lot of money through buying a house. But in most cases it turns out to be a good investment. In the long term, you will be paying a lot of money if you stick with rentals - it's not 'dead money', as you're getting a roof over your head, but you won't have anything obvious to show for it. Buying, on the other hand, will give you an asset.
Buying is a better bet if you look at the long term. It's an investment that provides you with the security that a rental won't. This is especially useful if you start a family, as there will be less risk that you'll have to move around.
Finally, buying a home gives you a lot of independence. Yes, you owe money to the bank until the house is paid off, but once that's done the house is yours. You'll have an asset, and you'll be free of the hassles of dealing with a landlord and agencies.
Buying a home needs very careful consideration. It's the biggest financial commitment you'll ever make in your life (aside from children, perhaps!), and it's not always appropriate for your situation. But these are just some of the reasons why it may make sense. What does buying a house mean to you?
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