Dennis Isong: Why you Should Focus On Buying a Home

Martins lived in rented apartments at different times before making up his mind to buy his own home. The reasons were that all his experiences weren’t pleasant; he lived with clamorous people, dirty people, and criminals, but the last straw that broke the camel’s back was when he had a fight with the landlord due to prepaid metre payment. 

He had bought a freezer then, so the landlord said he dared not use it because they always had to buy light. However, the landlord had every form of home appliance you could think of, yet, he insisted that Martins must do away with the freezer. Initially, Martins thought it was a joke until the landlord began to make life a living hell for him. It got to a point where Martins could not take it any longer. In the end, Martins bought a home out of frustration which he paid for in instalments.

Some people consider renting a waste of money. This is untrue – before you buy a home, you have somewhere to shelter in the meantime. It becomes a waste of money if you have the finances to buy a home, yet keep renting apartments.  

Renting has its advantages and disadvantages. A few of the downsides are unexpected increases, living with toxic people or homeowners, and having to live under unpleasant instances. These can be avoided when you have your own home.  

Deciding to own a house is a great financial decision. Beyond the financial aspect, owning a home saves you a lot of problems. Let’s explore some of its benefits. 

Buying a home is a long-term investment

Renting a home requires continuous monthly or yearly payments to maintain the place. You are at the risk of an unannounced increase you can’t afford and leaves you in shock. Homeownership is a permanent asset that doesn’t require being scared of any increase coming from anyone. It also appreciates over time.

You feel secured

There’s worthwhile security with homeownership. Unlike a rented apartment where the landlord can just wake up one day and serve everyone quit notice or decide to sell the house. Owning a home takes away the fear of being evicted unexpectedly.

It’s your home, you call the shots

There’s a level to what you can do in a rented home and whatever alteration you want to do needs to be permitted by the landlord/lady first before you can do anything. It’s his/her house, and they have the right to know before you make certain changes.  

Homeownership comes with sustainability

Having a home helps in sustaining your financial gains and income. You can easily plan how/where to divert your income. Apart from rent, other unforeseen circumstances need to be considered. In the long run, renting an apartment eats deeper into your income than having your own home.  

Meanwhile, we consider that not everyone can afford to buy a home at once, that’s why instalment plans are common with property vendors these days. There’s nothing that’s not possible. Even with your income, owning a home is doable. Just try to plan better.

 

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