What are the benefits of buying your own home?
After renting property for an extended period of time, you'll no doubt start to think about the possibility of purchasing your own Surfers Paradise property and whether this could be the right avenue for you to consider in the near future. There are a lot of benefits to buying your own home, which could be useful to consider. Here are some of the common draw cards for Australians to move into their own property.
Paying towards your future
Think about this: At the moment, you're currently helping to pay off somebody else's mortgage. When you pay rent to your landlord, chances are they're putting that money directly towards paying off their own mortgage on the home you currently occupy.
Eventually they will own that property outright and can start pocketing this money for their own means and savings. While renting does have a place in the world, wouldn't it be better to be putting that money towards your own home loan from the get go? At least this way you're working towards paying off the biggest asset you're likely to own in your life.
This is one of the biggest reasons to move into your own property. Unlike renting – which is simply money disappearing into the ether – paying off a mortgage gives you tangible results and can be used later in life to your benefit.
Give yourself an economic boost
Furthermore, as you begin paying off your home loan, this value begins to build up in your home. These funds can often be accessed at a later time, allowing you to use your home as security for borrowing against it.
One example of this is a home equity loan, which allows you to utilise the funds stored in your home for your own means on the condition that these are repaid in the future. Many people use this as a stepping stone to get into property investment, by taking their deposit for a new home out of their current property – a source of wealth for the future.
If there's one thing that people complain about when renting, it's the lack of renovations and household additions that can be made. This is because they aren't the landlord and any changes made need to be temporary – which means no paintings nailed to the wall, no wallpaper being applied for a change of decor and no possibility of stripping off the carpet for a beautiful wood floor finish.
But when you own the property, the home is your oyster – so feel free to make any changes, adjustments, additions or renovations you want. Just be sure to get the right approvals from council and other governing bodies before undertaking any major projects.
A sense of security
Everybody likes to feel safe and secure in their homes. But when you're a tenant of someone else, there's always the possibility that they could decide to sell the property or up the rent, which could be displacing and flip your world upside down.
Owning your own home, however, gives you the sense of security to know that the rug will never be pulled out from underneath you. You are Master and Commander of this home and answer to no one, so unless you decide to sell the home and move on, you'll be staying put for the foreseeable future.
These are just some of the benefits that can come from purchasing your own slice of Surfers Paradise real estate in the future. Get in touch with a local real estate agent to begin looking into the various options available to you in the market and start preparing to take out the appropriate finances and achieve your property goals today!