Updated: Aug 17, 2020
There are two main options when it comes to your family home; you either own it, or you don’t. It would be stupid to say that renting a house doesn’t come with some benefits. However, I think there are some very underappreciated benefits when you own your family home. Some of these are financial, and some are more to do with family life.
There’s No Feeling Of Uncertainty
It really helps when you own your home because you get rid of the lingering feeling of uncertainty that comes with rental properties. What if your landlord decides to sell the property you’re living in after your contract ends? You may have wanted to renew the lease, but you’re forced to move. When you own your home, you’re in control of everything, and it helps you feel settled. For me, it’s so important that your family is settled and content with life at home. You don’t want to keep moving your kids around or being forced to find new places to rent. Buying a house is the epitome of being a family; it’s somewhere you can call home!
You Won’t Have To Pay Rent Ever Again
Clearly, when you own your home, you never have to worry about rental payments ever again. There’s never the fear of accidentally missing one and seeing your credit score suffer. There’s no longer a monthly deposit leaving your bank account. Sure, some will argue that a mortgage is basically the same as rent because you have to pay it off. However, as it notes on mortgageloans.co, you have to pay it back within a time period. Once that’s done and dusted, you have no payments to worry about, and you’re in a much more stable financial situation. When you own a family, it pays when you can limit the regular payments leaving your bank!
It’s Easier To Adapt To New Family Members
This kind of draws on the first point about being uncertain in rental properties. Let’s say you decide to have a new child, and suddenly your home isn’t big enough. If you’re renting, you have to go out and find somewhere else to live, which may mean paying more rent and moving your family to a whole new location. But, if the house is yours, you can adapt to this news. Perhaps you need to build a little extension? Or maybe convert the attic into an additional bedroom? There’s no need to pack things up and move somewhere else, you can keep your family in one place.
An Investment For You & Your Children
Owning a home means you’ve invested in something. So, when the time is right, you can sell the house and get a lot of money for it or borrow against the equity. This may come in handy when your kids move out, go to college, and you wish to downsize or invest in retirement. You see, owning your family home can be so beneficial. Maybe this will give you some extra things to think about if your family currently rents a house and you’re considering buying one.
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