Lifestyle
If you're reading this, you probably live in a rented house and are curious about what buying a home will do for you. We can't deny that buying a home is a big decision, and to have questions about whether it's right for you is entirely normal. But we also can't deny that buying a home has a lot of benefits.
To help you make a decision, here are 5 benefits you should know about buying a home vs renting one:
1. You can customise your living space
Want to paint a room orange? Put up velvet wallpaper? Replace the carpet with wood floors? Drill holes in the walls to hang your favourite paintings? You have the freedom to do all these things when you own a home! But not so much when you're living in a rented house.
2. You won't have a landlord to answer to
In a rented home, you're unfortunately subject to the whims of your landlord. For example, if your landlord wants to terminate your lease agreement out of the blue or force you to part ways with your pet, you don't really have much of a say. When you buy a house, you'll never have to worry about being stranded on the street, and you can keep all the pets you want - no permission needed!
3. You'll feel secure
When you buy a home, you provide yourself and your family with security and comfort because you'll likely stay in that home for a while. On the other hand, renting often means moving from home to home every now and then.
4. You’ll save money in the long run
Odds are, you'll need to take out a mortgage loan if you want to buy a home. And we know the thought of taking out a mortgage loan may cause you to worry. But if your mortgage loan's interest rate is reasonable and you make a sizable down payment, your monthly payments may actually cost you less than rent. Not to mention, you'll be paying for a property that’s all yours!
5. You'll be making an investment
A home is unlike other assets you can buy with a loan, such as cars, which lose some of their value while you pay them off. When you buy a home, there's a high chance you'll be able to sell it for a profit due to appreciation later on. What's appreciation, you ask? It refers to a property increasing in value over time. That said, you must also consider the neighbourhood where your home is located because this will factor into your home's appreciation.
Of course, you can also profit by renting out your home if you have another one or are travelling for a while.
We hope the benefits above have convinced you to take the first step to become a homeowner.
If you feel you need guidance on buying a new home, read our blog "A guide to buying your first home."
Thinking of applying for a mortgage loan from Bank al Etihad? Click here.
