These five benefits come with owning a home

The purchase of a home is an important milestone in one’s life. Despite some challenges, owning your own home offers many benefits.

Although renting may seem like a good option in the short term, here are five reasons why owning your own home will bring you real value in the long run.

1. Equity will be built

The equity in your property is the amount of its value. (Or when you make extra mortgage payments) Your equity grows when your home’s market value rises. Learn how to calculate your equity in your home if you already own one.

Homeowners can access their home equity by redrawing on their loan, taking out additional advances, or refinancing their mortgage to take advantage of their home equity. You can then use these funds for a number of purposes, such as renovating your property, buying a new car, or even going on a special vacation.

2. Your life will be secure

A family’s stability as a renter is based on the decisions made by a landlord, who may suddenly decide not to rent out their property. Moving house is expensive, inconvenient, and emotionally draining, especially if you have to move suddenly. Owning your own home gives you the peace of mind that you make all the decisions. Having that kind of freedom is priceless.

3. Creating a dream home is possible

Tenants don’t usually get permission from landlords to renovate their property, even if you think you would be improving it. When you own your own home, you can do whatever you want with it – you can choose to remodel the bathroom with a jungle theme or paint the walls bright, colorful colors without worrying about the cost. Generally, if you improve a home, it increases the value of the property, so if your home has increased in value (because of your hard work), every dollar you receive will be yours!

4. Costs can be more easily controlled

A landlord can decide to raise your rent at any time, and you have little choice but to accept it or incur moving costs. Owning a home involves several expenses, such as mortgage payments and interest rates, but these are unlikely to change dramatically. It is even possible in some instances to control them, such as if you choose a fixed-rate mortgage.

5. You can save money by repaying your mortgage

You save money by making mortgage payments, even though it doesn’t always seem like it. Principal and interest are usually included in repayments, which means that you’re putting some money into owning more of your home. Although renting seems cheaper, you will not recoup any of that value in the future. 

Rent or buy? There are a lot of factors to consider when deciding whether to stay in your current apartment. Finding out how to achieve your financial goals can be easier with the help of a financial advisor. Contact a Pepper Money Broker or Lending Specialist to discuss your home loan options if you decide that buying a home is the best decision for you. We can assist you.

You can also find out how much you may be able to borrow using our home loan borrowing power tool within minutes.

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