Rentals offer people a simple and quick way to get a roof over their heads. The concept is simple; you pay someone rent on a weekly or monthly basis as a tenant and you have a roof over your head. Certain things like bills might be included in the rent, but otherwise, you’ll be mostly responsible for what you do on the property. Most of the time, rentals come with furniture so you don’t have to move anything in, and it can be a relatively simple way of living life.
Once you’re done with your rental, you can simply move out and pick another place, or you can renew your agreement with your landlord so you can continue living there. However, there is a third option that most people don’t think about: breaking out of the rental lifestyle and getting your own home.
What makes buying a home so scary?
Let’s face it, purchasing a home is a tall order. You’ll need a huge sum of money for a deposit and you also need to settle down in a single location for several decades in order to pay it off. Owning a home can be incredibly expensive, which is why most people don’t enjoy the idea. Locking yourself into a mortgage that could last your entire life doesn’t’ sound fun at all. You’ll be paying off your home for several years and you won’t be able to satisfy your need for adventure if you’re constantly moving around.
Because of this, many people prefer to stay as a tenant to a landlord. However, there are many reasons to break out of the rental lifestyle, and we’ll be going through those reasons in this informative article.
Reason #1: It’s an investment for the future
Buying a luxury apartment or a spacious home in a desirable area should be considered an investment. This is because the price of property will gradually increase, and it’s why many people get into real estate development. It’s a fantastic way to spend your savings because your money will generally be immune to inflation. You can purchase a home then later on you can sell it for even more money once you’ve paid off the mortgage entirely. If you don’t want to sell it, you can keep it as a home for your children or you can become a landlord yourself and rent it out for a steady stream of income.
It goes without saying that owning multiple properties gives you plenty of financial freedom. They are assets that will change in value and can ultimately help you achieve stability with your money. If you’re interested in properties that are almost guaranteed to rise in value, then you’ll need to think about property development plan. You can click here now to check out some beautiful luxury real estate properties that are currently in development. By registering your interest early, you get a much better deal than waiting for it to be resold by another realtor.
Reason #2: You love where you live
Rentals aren’t going to be permanent. Sure, a landlord might offer you a long-term contract, but there’s always a chance that your landlord won’t renew it, or they’ll decide to sell the home to someone else and leave the property development market. Whatever the case may be, one thing’s for sure: there is no certainty in rentals. If you love the location you live in and want to be permanently based there, then getting your own home is a natural course of action. You’ll end up saving a lot of money, and you can always decide what to do with the home when you finally pay off the mortgage.
If you love the location that you live in, make sure you invest in a future there by purchasing a home instead of staying at rental. Owning your own home is what true financial freedom and stability are about.
Reason #3: Save a lot of money
People might see rentals as being the cost-effective way of owning a home. The weekly or monthly rent payments are lower and you don’t need to worry about most repairs because your landlord should take care of it. However, when it comes to long-term gain, renting is not the correct solution for saving your money.
Think of it this way: when you pay a landlord rent, you’re essentially paying their mortgage for them while also increasing their equity. Once they’ve collected rent for a decade or more, they can simply sell off the home and they’ll have made money off you and the property. If you purchase a home instead, then all of the money that goes towards your mortgage and interest can be easily recuperated by selling the home for an increased price. Essentially, by buying a home, you can live there for “free” for many years and then decide what to do with the home afterwards. Owning a home is a far better solution than renting if it’s financial stability and savings you want.
Reason #4: Have total control over where you live
Owning a home gives you far more freedom to do what you. For example, when you rent a home, the landlord could put restrictions on what you are able to do. They might say that you’re not allowed pets, or they could say you’re not allowed to build extra shelves because they don’t want you hammering nails into their walls. In addition, they might not allow you to change our certain appliances, and when you do, it will likely stay with the landlord themselves especially if you’ve had to throw out their old furniture.
Everything in the rental is technically owned by the landlord and you can’t just simply throw things out if you don’t want them. A lot of talks and negotiations are required to make even the smallest changes, and this can be incredibly frustrating if your landlord is difficult to reach or doesn’t like to agree with your proposed changes.
* This is a collaborative post.