Shelter is one of the necessities of humanity.
Often I have had this talk with my friends regarding renting a home or buying your own house.
I have seen friends who can afford a buying a house but then they prefer remaining in a rented house and having a car. I don't know their reasons for it but I believe buying your house should be one of the priorities before purchasing an car.
The truth is buying a house may not be simple particularly if you don't have a strong source of income but then you can prepare for it by establishing your financial plan.
If I were to choose between buying my own house and renting, I would prefer choose to own my house.
Reasons are;
Privacy
Public house may not provide you and your family with their privacy. Sometimes your neighbors may be unpleasant and loud but because it's a public house you can't complain.
Comfortable
Owning your own house makes you comfy. Just like me who enjoys a huge building with inadequate decorations. A leased property might have laws and regulations that may not enable me to enjoy my house as I do. And because there isn't permanent resistance, you may be prohibited from some items in the home.
Passive income
Passive income means that create money even when you don't work. Owning a house may create a passive income. Some people don't work but build houses and sell and receive good money. You may also create residences where people pay rent annually.
Imagine constructing a home for $5000 and renting it for $6000 annually. That's a pretty excellent investment. You may receive the money used in constructing the house in a year.
The wonderful part about buying your house is that houses don't depreciate.
Land and homes are assets that appreciate with time as long as you are in a suitable location.
Owning your house may also be an asset that can be retained for your children. It may be a sort of family residence even after various generations. Children and Grandchildren may come for holidays.
Some children are stuck after their parents die since they can't continue to pay rents and there was no house or property left for them.
You are your boss
Buying your own house, you have got complete ownership of the house. There is nobody who can come and raise your housing rent at any moment.
When you already own your property, your money may be diverted to other areas instead of worrying about how to pay your rent annually.
Thank you for reading