7 BENEFITS OF OWNING A HOUSE RATHER THAN RENTING

There is huge benefit in owning a house compared to renting . Renting a home is often seen as a more cost-effective option than buying, but there are several advantages to owning that may surprise you. One benefit that cannot be over emphasized is building equity. Whether for personal use or as an investment, we’ll look at why it’s better to own a home rather than rent one.

1. EQUITY OF PROPERTY:

Renting a home is frequently perceived as a more cost-effective option than buying, but there are several advantages to owning that may surprise you. We’ll look at why it’s better to own a home rather than rent one, whether for personal reasons or as an investment.

2. OFFERS STABILITY: 

People value security in their lives, and knowing where they will be living month after month is always reassuring. If someone has been living in rented housing for years, and is suddenly informed that their tenancy is coming to an end, it can make them feel disoriented. This would also cause massive destabilization. When someone owns a home, they know exactly how long they have before they need to upgrade. As such this brings peace of mind; who wouldn’t want that?

3. PROPERTY OWNERS MAY GAIN TAX BREAKS/DEDUCTIONS:

 When purchasing a property owners gain tax breaks. Generally, speaking homeowners are entitled to various financial benefits including deductions on income taxes (especially when mortgaging a property), and various other tax credits which are not available to tenants.

4. FINANCIAL SECURITY:

 Owning a house offers certain freedom, especially financial freedom. Over time most people pay mortgage, and once they do, they no longer have any lender/bank-related debt, they become full owners of the property. The same cannot be said of those stuck in rental properties.

5. OWNING A HOUSE OFFERS CERTAIN FREEDOM:

When someone owns their own home they have more freedom when it comes to making changes or even improvements to the structure, this isn’t possible if renting. If it is your home, you can add an extension or undertake renovation work without needing approval from someone else first.

6. HOME VALUE RISES OVER TIME:

 The value of your home rises over time. For instance, if you bought a home for 70 million naira today, if you decide to resale in 5-10 years’ time the value would increase giving you up to 50% value increment or more. If your property is for investment purposes, the increase in value would help you determine how much you can generate on your investment, either for renting or leasing out.

7. YOUR FAMILY WILL ENJOY FROM YOUR INVESTMENT:

Owning a home adds an element of stability to day-to-day living conditions, that renting cannot give. Could be social and environmental benefits, depending on the location of the home you bought. One of the benefits of owning a home is that it gives you access to financial benefits. For parents that might need a school loan for their children to school abroad, it wouldn’t be difficult to get one because the property has gained their equity, and can be used as collateral. This is a great way to get access to capital that you may not otherwise have been able to obtain.

In conclusion, there are plenty of advantages when it comes to owning a house rather than renting one; from increased financial security over time. If given the opportunity many people would likely opt for buying their own property over renting. Owning a home would provide you with life-long benefits in terms of both personal satisfaction and financial gain. Send a mail to deboraho@asafina.com. ng today, so you too can own your own home.