There are more upsides than downsides to owning a home. Compared to renting, there’s no substitute to having a place you can call your own.
While many have shun away from home-owning thinking that the corresponding financial obligations might tie them up for a good number of years, it is actually the same case with renting. The key differencesare the time element involved and the security of tenure or the lack thereof.
Buying a real estate residential has been viewed not only as a tedious process but a binding obligation. The mere thought of paying a mortgage for 15 to 30 years already makes one shiver.
No one knows the future and many are worried that they cannot guarantee their earnings beyond the next two years. Even those working for stable companies can never be too sure if they can sustain their income for a long time. That has been the typical mindset that scares people from availing of home financing especially those who are going into credit-buying for the first time.
Weighing the advantages of home-buying
Faced with the mindset of uncertainty, it is important for these types of people to be optimistic first about their future and become risk-takers to be able to convince them to purchase their own homes through financing.
They should be enlightened first on the advantages of home-buying than merely renting a house. The basic advantages normally include:
- The pride of owning a home – There’s no substitute to calling a place all your own. It would be a right that no one can take away from you.
- Security of tenure – If you own your home, nobody can kick you out or impose any new conditions on you which are normally the cases for those who are merely renting.
- Design, decorative, and remodelling flexibility – Owning a home gives you the flexibility of doing what you want in your home in terms of exterior and interior designs, decorations, makeover or remodelling, as well as renovate any time you want. This is something you cannot do if you are merely renting a place because you don’t know if the owner would approve of it or you are not sure if you could enjoy the remodelling you have undertaken for a long while as the owner might ask you to vacate the property all of a sudden.
- A home is an investment – It is better than keeping your money in the bank because the value of properties appreciate faster than cash in banks. It’s also a hedge against inflation because unlike money, or the price of basic commodities, properties do not depreciate.
- Softer terms for home-buying than purchasing cars through financing. – Credit-buying for cars is normally for short-term because vehicles depreciate in value once it rolls out the dealership. Credit-buying for homes is spread over long-term which make it softer and easier on the pocket.
Paradigm-shift
Once the person’s paradigm about home-buying has shifted into the proper perspective as he becomes more enlightened on the benefits of having his own home, then it’s time to start the persuasion process.
When a person becomes concerned more about the future and that of his family, home-buying and the corresponding obligations that come with it become easy to understand and accept.After all, charting a good future always starts from having one’s own home.