5 Reasons Why You Should Buy Your First Home

The advantages that accompany purchasing a home make it all beneficial in the long term. Here are the top 5 reasons why:

1. You’ll acquire equity.

Your equity is the portion of the property’s value that you own. It increases in value when the market value of your home rises.

When you own a house, you can take advantage of your equity by redrawing your loan, borrowing on top of your equity with an additional advance, or refinancing your mortgage. These funds can subsequently be used for a variety of purposes, such as upgrading your home, purchasing a new automobile, or even taking a memorable vacation.

2. You’ll feel safe for the rest of your life.

On renting, your family’s stability is dependent on the decisions of a landlord, who may decide to stop renting their property out at any time. Moving is costly, difficult, and emotionally draining, especially if you have to relocate suddenly. When you own your own house, you can rest easy knowing that you are in charge. That is invaluable.

3. You have the freedom to personalize your own house.

You have limitless innovative freedom of decorating your own home. Home enhancements frequently increase a property’s worth, so if it is your own home, every penny you spent for upgrading your home will be cash in your pocket if you wish to sell.

4. You have more financial control.

When you rent an apartment, your landlord may decide to raise your rent, leaving you with no choice but to accept it or face relocation expenses. While homeownership comes with a variety of costs, such as mortgage payments and interest rates, these are unlikely to increase significantly shortly. You may even be able to control them in some cases, such as if you choose a fixed-rate house loan.

5. Mortgage payments are a means for you to save money.

Your mortgage payments are a way of conserving money, even if it doesn’t always feel like it. Most repayments include both principal and interest, implying that you’re contributing to the ownership of a larger portion of your house. While renting may appear to be a better deal, you will not be able to recoup any of your investment.

There are several factors to consider when determining whether to continue renting or purchasing a property. Speaking with a financial consultant can be an excellent method to figure out the best strategy to achieve your financial objectives. 


For more questions you can call us at 0426667696 or shoot us an email at contact@ozbroker.com.au

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