Buying a house is a terrifying proposition. It’s one of the costliest, largest purchase you can ever make. In spite of the financial fear, it’s an exhilarating, ultimately freeing journey, as well. Besides that, it has benefits in both the long-term and the short-term. You simply have to look past the initial expenditure to see them.
Appreciation values for real estate
The housing market ebbs and flows from year to year, with economic turns and the political atmosphere in the country playing their parts. Regardless of decreasing shifts in the real estate market, the value of your home will always increase again. Appreciation is practically a given, just like death and taxes.
The build-up of equity
The thought of a 30-year mortgage frightens most first-time and would-be home buyers. It’s a hefty payout each month, no doubt. However, every time you send a payment to the bank or mortgage company, you decrease your debt and increase your equity. That’s your money. Not only can you get back your equity if you sell, but you can dip into it to fund home improvement projects—over which you have free reign because you’re the homeowner.
An automatic excuse to save
Mortgage payments are helpful in another way. You’ve probably gotten used to paying rent, but a monthly mortgage payment is another matter. It’s more substantial, and being late isn’t usually an option. You need that money each month. Moreover, owning a house typically prompts you to save a bit extra for home improvement projects, upgrades, and potential problems. Don’t forget the fact that, with a mortgage, you’re basically paying yourself, as well.
The extinction of eviction
Renting can be scary in its own right. The threat of eviction always looms over you, particularly in at-will states or if you’re dealing with a difficult landlord. Provided that you pay the mortgage each month, no one can evict you from the home you own. You don’t have to worry about pleasing someone else. The freedom of homeownership is one of its most compelling benefits.
Sweet, sweet freedom
Eviction isn’t the only thing you no longer have to think about once you buy a house. You can decorate and make any changes you want, too. Swap out the appliances, change the flooring or wall color, and play your music at all hours—so long as you don’t disturb your new neighbors, of course.