Deciding to buy your own house is tough but ends up being the best decision you can make on your journey. It is worth it to have the emotional connection to a home you own, and a sense of stability that renting won’t bring.
It is okay to take a mortgage to acquire your first home. This is better than paying rent unnecessarily because the money used in paying for rent can be utilized as your mortgage contribution. You are sure the payment is for your home and not enriching a landlord somewhere. The good thing about taking the mortgage is the fact that the fund is given to you upon approval and then you can acquire your chosen property, which can be paid for over 15-30 years depending on the age of the applicant and some other considerations.
Here are some benefits of buying your own house than paying rent:
- Your Net worth Increases
The moment you acquire your home, this automatically boosts your net worth. First, your status changes. In Nigeria, for instance, people give so much respect to homeowners, “landlords” as they are usually called. The respect accorded to you when you are doing very well financially but living in a rented apartment differs from that which is accorded to a homeowner regardless of how small the property is. Owning a home helps you build a valuable asset that is worth more than just a place to live.
Therefore, this is one of the enormous benefits of owning your home against renting an apartment.
- An Opportunity to Earn Passive Incomes
Taking a mortgage means you are repaying back the loan over a long period. When deciding to buy your house, you can include a small space for a boy’s quarter or mini flat or even a two-bedroom flat depending on the size of the property and your preference. This would be rented out and serve as another passive way of earning income while repaying the house loan. This can be done in a way that the monthly repayment will be totally covered by the rent you are receiving from your tenants.
- Can’t Be Sold Without Your Consent
If you have rented an apartment in some central cities in Nigeria, then you must have either experienced this directly or heard this happened to someone close to you. Cases of landlords selling off the property without the consent of the tenants, but informing them when the sales have been concluded. If it is not total sales of the property, you see instances of the landlord increasing the rent rate without giving the justification for the increment. These people in cities like Lagos, Ibadan, Abuja, Port Harcourt, and some other cities experience. This, most times, leads to the disagreement between tenants and landlords. If you take a mortgage and purchase your own house, such things will not happen to you. Simply because the property is yours.
- Ownership of Interior Design and Remodeling
When the house is yours, you can take ownership of the interior design from start to finish. You can decide the look and feel of both your dining area and sitting room to look like. The type of furniture or accessories that you like, etc.
You can do whatever you’d like to the house you own, from full remodels to painting the walls. You’ll have a lot more flexibility in these things, and for many, that’s a seriously appealing part of buying your home.
When you own your home, you’re able to do exactly what you want with it anytime you want with no one telling you you weren’t supposed to make certain changes as you experience in a rented apartment.
- You Can Choose to Sell Off the Property if the Value Increases
When you purchase a property in a commercial area, there is a high tendency for the property to appreciate in value over the period of some years. Since this is your property, you can decide to sell the house and use the money to offset your loan, while the profit on the sale can be used to acquire another property in a different location. This is solely based on an individual’s choice.