There will be many financial decisions that will cause you to think hard in life, but none quite like buying a house. Potentially one of the most important investments you will make in your life is Real Estate. The average age for buying a property has significantly lowered in the past five years, as financial security tops the want for marriage and a family in some people’s future priorities. Here are some advantages to getting on the property ladder early, and investing in your future.
No More Renting
A rented property may be an important step for your independence in adult life, but buying can actually save you more money than renting in the long run due to lower monthly costs. Typically the average mortgage payment will be lower than what you are paying now for rent. You will also no longer have to wait for your landlord to fix that dripping tap in your bathroom, or frantically fill in all the nail holes in your wall before your annual inspection. You will be able to make all your own decisions and be able to make your house a home by decorating it exactly the way you have always imagined.
A Dream House Step By Step
A future of a marriage, children and a relocating job promotion may seem far away now, but you’d be surprised how quickly those wishes and life-changing moments can creep up on you. Yes, your first buy may not be the biggest or most luxurious house that you hope to have one day, but getting on the ladder could be that stepping stone you need in order to upgrade later in life.
Your first buy could either provide you with a monthly income by renting it out, which will cover your new mortgage payments, or selling your first buy could provide a big down payment on your next house, considerably lowering your mortgage payments. Either way, it’s an investment that will give you money back in the future that will help towards those big costs, like your dream wedding day or relocating.
It’s A Financially Safe Space
It is always good to be prepared for a rainy day – or a rainy life event. The future is incredibly unpredictable and though you may be in a great position now, life is a line graph filled with ups and downs. If you have a paid-off mortgage under your belt, then no matter what life throws at you, you will always have a roof over your head.
You may lose your job, have your car towed or not be able to pay your electricity bill – but you have a warm, dry haven to work through a contingency plan, and get you through life’s darkest moments. Do not underestimate the power of a warm, safe space you can call your own.
As long as you have taken the time to do some careful planning and budgeting, you will find that the advantages of owning a property are immense, and you may be ready to hit the next big milestone in your life before you know it.