Owning a home has distinct benefits over renting, essentially providing a stable environment for your family and building your net worth.
If you are still in your comfort zone and thinking about whether moving into your own house is better than a rented place. Then, let’s look at these fundamental things that you are missing while living in the rental.
Cheaper Than Renting
Although buying your first house in Adelaide is a little expensive at the outset, it can be more affordable than renting in the long run if you play your cards right.
Buying a home is not easy – you would still come up with the 20 per cent down payment and other added expenses that may take your overall savings. The fact is paying more upfront on your own home can save money in the long run.
Quick Tip: You can consult the first home buyer specialist in Adelaide to discuss available grants and other financial assistance to come with the house deposit.
You Can Build Equity
One of the most notable benefits of homeownership is building equity. In more technical terms, it is the difference between the market value of your property and the money that you still owe to the bank.
Moreover, if you buy a home now, imagine how much equity you could have by retirement. Rather than your money disappearing into your landlord’s pocket, you will be spending on something that can become more valuable over time.
You Will Feel More Secure
You would not find homeowners urgently looking for housing after receiving an eviction notice from their landlord. Your home is yours until you decide to sell it. There are specific state and federal laws on tenant eviction, but the landlord can evict tenants under unforeseen circumstances.
Being a homeowner signifies that you will never have to move because of circumstances outside of your control.
Build Stronger Social Ties
Have you ever wished to live in one of those idyllic suburbs where you can share the homemade pie or enjoy a weekend barbeque with another neighbour? If you are constantly moving from rental to rental, you may not get to know your neighbours very well, aside from the usual small talk.
Building strong social ties is another hallmark of homeownership. Since most homeowners stay in their house for a more extended period, they are more likely to form relationships with their neighbours and are more invested in their local community.
Part Of Your Mortgage Payment Is Tax-Deductible
Owning a house comes with more expenses and responsibilities, but the good news is that some costs are tax-deductible. Property maintenance, depreciation and the interest that you pay each month on your home loan can all be deducted from your taxes. It is one of many benefits that renters don’t have.