Get peace of mind
A home of your own will give you peace of mind from knowing that you have a permanent roof over your head. Although you could choose to rent instead, you may face challenges such as rising rental prices or uncooperative landlords.
Avoid rising rental rates
Rental agreements usually last for one to two years at a time. Each time it is renewed, landlords usually increase the monthly rental price. This means that even if you can stay in the same property for many years, you will probably end up paying more for rent as the years go by.
Save on moving costs
If you choose not to renew your rental agreement each time it expires, you will have to search for a new place to live every few years. This creates a new set of challenges, such as finding properties which suit your needs (including size, cost, location and connectivity to work and social needs) and paying moving costs – not to mention the strain of packing up all your things each time you move.
Be the king of your castle
The behaviour of landlords may also vary. Some may be stricter than others in terms of what you can or cannot do within the rented property, and others may not accommodate your needs when it comes to repairs or replacements. Landlords may also decide to sell the property you are staying in at any time, requiring you to move out should you choose not to buy the property yourself.
While home ownership may bring about its own challenges, buying your own home will let you put the above concerns to rest and avoid the uncertainties from renting.