You’ve probably consulted your friends and family when you finally decided to purchase a home. Some of whom may have advised you to buy a home because the time has come and you seem to have all your ducks on a row.
However, if you still have your reservations on whether buying a house is the right move for you, here are 7 reasons why you should consider buying a home.
1. Pride of Ownership
This is one of the major reasons individuals buy a home. Having a space, you can call your own, doing renovations without looking behind your shoulders if it’s acceptable, and customizing the space to suit your uniqueness, among others.
According to National Association of Realtors, in 2021, 27% of all home buyers reported the major reason they purchased a home was the desire to be a homeowner.
Over and above the pride of owning a house, appreciation is another factor to consider. The value of your house will only appreciate as over time whether there’s a recession on not. Owning a home as an investment is one of the ways to beat recessions.
Unlike rent, your fixed-mortgage rate payments will not increase over time. Therefore, your house costs are likely going to decline as you own the home longer. In addition, as your rental income increases, you will have the opportunity to clear your mortgage sooner.
When you own a house and make your mortgage payments, you build on your home equity interest. Home equity is the appraised value of your house minus the outstanding loan balance. The equity your house accrues is a ready savings plan in place.
Buying a house gives you and your family security and stability. Owning a house gives you a sense of stability as you get to stay in your neighborhood for long, build meaningful relationships, and are not worried about the increase in rent that would result in you moving.
6. Tax benefits
Here in Kenya, if you take a mortgage when buying a house, you get to enjoy certain tax benefits such as allowable deductions on your income, hence paying lesser tax.
7. Offers an opportunity for a long-term investment
If you’re considering settling down permanently, then buying a house equates to a good financial bargain. It offers an opportunity for wealth creation as the property appreciates in value. Also, should you want to buy a house for investment purposes such as renting it out, it offers you an assured source of income even after retirement.
Buying a house is a worthwhile opportunity that you shouldn’t forgo. Consider the amount of rent you’re paying monthly to own a house and use that rent amount to pay your mortgage and ultimately build on your house equity.
Although your decision to purchase a house will obviously be determined by your budget and what’s available in the market, consider going for a house that has it’s own compound. We foresee a preference for houses with compounds and green spaces in the future as the supply of these reduces. As the economy grows and people’s lifestyle choices increase, green spaces are likely to offer a more rewarding quality of lifestyle. People may want to grow their own food for instance and having your own compound will be of such great value. Check out some of the real estate for sale in Kenya that will offer the best returns in future.