Own a House!
It’s official: things aren’t getting any better for renters. While it’s not always possible to think about buying a house, it often costs significantly more to rent than it would to outright own a property. It’s a big leap however, causing those who have rented to take on many more responsibilities including taxes, maintenance and interest. It’s hard work, but better than throwing your money away on a rental property. Here’s why.
Unlike with renting, when you pay in money each month you’re adding to your investment – not just paying to have a roof over your head. As you pay more over time the house becomes more truly yours – at the beginning it might only be ten or twenty percent yours but fifteen years or so later you could be sorted with a good amount of cash. Keeping up on maintenance and improvements is really important to increase the value of the house and therefore your investment.
When you rent, you’re paying someone else so you can stay there, like a hotel room. However when you’re paying off your mortgage you’re essentially setting aside money for the future – and it’ll probably be cheaper than what you would pay in rent. When you’ve paid off your mortgage, the house is completely yours, and you can potentially make that money back.
If you own a house, there are certain deductions you can make from your tax, including interest from mortgage payments and property taxes. If you rent your house out, you can deduct maintenance costs.
You can do what you want with your own home, unlike rented accommodation! If you don’t like the floor or walls in a rental property, the best you can do is cover them up. If you buy a house hating the wall colour you can just paint over it! Get rid of ugly lighting fixtures, hang pictures wherever you like…you have much more control than a renter. Carl from oven valeting service Ovenu UK and Ovenu Australia says that the ability to customise your own home is the number 1 reason why his home-owning customers are generally more sprightly than his rented home customers.
Bigger and Better
It’s unlikely that the first house you buy will be the one you live in for the rest of your life. There are many reasons to move house, including just because you want to, and when you own your house you can put it on the market to get yourself some money for something better – meaning you don’t need to start from scratch with money!
Now that you’re convinced you can do what my dad always does – stare through letting agents windows like they have naked ladies in.