Buying

The 4 Main Benefits of Buying a House

Are you thinking of buying a house? We know that it is a process that takes quite a lot of time and it is a big financial transaction, but you will get great advantages when making this decision.

Now, if you need inspiration to start looking for the home of your dreams, like the new homes for sale in Mornington, Co. Meath, take a look at the 4 main benefits that buying a house will bring you and your family from the moment you buy until your retirement.

  1. You will have a place of your own

This reason can definitely be the most important of all. The main advantage of buying a house is the fact that it will be totally yours, you will begin to identify with that place and this will give you a sense of permanence and belonging. What it also means is that you can have an intention to expand your family in the future.

  1. You will have more privacy

Keep in mind that most rental properties are built with materials of inferior construction such as plywood or plasterboard, diminishing the privacy between you and your neighbours. If your house, townhouse, or apartment is of concrete and stucco, this will definitely provide a sound barrier between you and your neighbours and will increase privacy. Remember that you can also build fences or structures that can give your house a greater sense of discretion.

  1. Monthly fixed housing payments

While rental costs tend to increase year after year, there are types of mortgage loans like the fixed rate mortgage that give you payment options that remain basically the same for long periods of time. In fact, with a fixed rate mortgage option, it provides a degree of economic stability in terms of your expenditure for housing, something which is difficult to find in a long-term rental contract.

Just keep in mind that it depends on the type of mortgage you obtain since the adjustable-rate mortgage (ARM) can increase your interest rates throughout the period of the loan.

  1. Freedom to make modifications

When you are a tenant you can not make any changes or remodel the place that you live without the approval of the owner. Also, if you are allowed to modify anything inside your rental accommodation, the owner will decide everything about this, from the design to the materials.

On the other hand, if you are a homeowner, you do not need permission to perform any modification because the property is totally yours. Basically, you make your own rules and you can enjoy the freedom to make the changes you want for your home.

Need more help? There are plenty of online resources available which can give you a very precise idea of how much owning a home would cost (e.g. online mortgage calculator). You should also seek expert advice from professionals in your area (e.g. real estate agents, mortgage brokers, etc.) to access relevant information about housing market activity and trends in your local area.

 

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