Buying a house or apartment is always an expensive purchase, and a lot of people might be content to continue renting and spend their money on other things instead. While people will have different wants and priorities when it comes to what they spend their money on, the truth is that property can be a great investment so it’s always worth considering saving up to purchase a house or apartment. Below are a few examples of why a property is such a good investment and how owning some could be beneficial to you.
A Roof Over Your Head
Renting a place to live is all well and good, but the truth is your rent will be going towards paying off your landlord’s mortgage and any maintenance work and upgrades they want to make to the property. While putting down a deposit on a house might be expensive initially, you may find that paying off a mortgage is a more cost-effective long term than paying rent. While the monthly price may stay around the same mark, at least you will be paying off a property that you own, rather than someone else. You’ll also always have a roof over your head provided that you keep up with your mortgage payments, whereas if you rent a home, your landlord could choose to sell the property whenever they like, leaving you to deal with finding a new place to live.
Return on Your Investment
If you’re going to invest your money in anything, you want to know that at the very least you’re going to break even. While house prices do fluctuate, generally they tend to go up in price over the long term if you look after the property well. You could even increase the overall value of the property even more by making some renovations and improvements to it, such as getting an extension, converting the attic into an additional room, updating the kitchen, and so on. You can always call a real estate agency like Compass to come and carry out a valuation of your property to see how much you can sell it for and advice on improvements.
Another benefit of owning property is that it could allow you to become a landlord yourself. If you are lucky enough to be in a position where you can buy a second home, you can lease this out to others to help boost your income. You could even rent it out as a holiday home instead if you would prefer not to have full-time tenants. It’s important to note that there will be rules and regulations you will have to follow to make sure that the property is safe and that you’re a responsible, reliable landlord – but you can find out more about the legal obligations of being a landlord with a bit of research.
One of the downsides of being a homeowner is that you are solely responsible for the maintenance work on the property, and having to cover these costs as well. However, this can also be a positive thing, as you won’t have to wait around for a landlord to get things sorted in your home. You will also be able to transform that property into the perfect living space for you, decorating it how you please and making those improvements without having to ask permission from your landlord or worrying about getting a deposit back at the end of your lease.
Buying property isn’t a small purchase, but it could offer you many more benefits which is why it’s always worth thinking about investing in a house whether you plan to use it as a home for yourself or someone else.