Owning your own home is the Australian dream, but sadly, it’s one that feels increasingly out of reach for many. This is the reason we’re seeing people renting long-term instead of buying. But before you write off owning your own home, consider these reasons why purchasing property can be incredibly worthwhile.
Pride of Ownership
The feeling of paying off your own home gives you and your family a feeling of pride and satisfaction. Everyone should experience the feeling of home ownership.
Privacy & Independence
If you own your own house, you don’t ever have to worry about the owners checking up on you. You have the freedom to express yourself and change the house to suit your needs. Just keep in mind that when you are ready to sell your home, not everyone may like what you’ve done.
Financial Security
Saving can be hard. Buying a home is a great form of saving as each payment takes you closer to the day when you achieve total ownership. Your home soon becomes your greatest financial asset. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
Wealth Builder
Your home is one of the only assets that has no capital gains tax when you sell and you can borrow against it to fund future investments, whether that be in more property or shares.
Always Pet Friendly
Sick of ‘No pets allowed’ at the bottom of all those rental ads? When you own your home, you can have any sort of pet/s (within reason of course) your heart desires without seeking permission!
Improvement
Whether it’s in the garden, painting and decorating or a full scale renovation, if you own your own home, these improvements are possible. It’s where you can let your creativity loose while also improving the value of your property.
Predictability
You won’t have to worry about your house being sold out from under you or an increase to your rent. Unlike rent, your fixed-rate mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will likely increase.
Sense of Community
Owning a house gives you a feeling of belonging in that neighbourhood and gives you the sense of putting down roots and getting established. Remaining in one neighbourhood for several years allows you and your family time to build long-lasting relationships within the community. It also offers children the benefit of educational and social continuity.
Safety
One of the words that epitomises a feeling of safety and belonging is ‘home.’ Your home is a place to feel secure and welcomed. It’s like no other place on earth!
